Crude Oil Futures: Further consolidation in the pipeline

Considering advanced prints from CME Group for crude oil futures markets, open interest went up for the second consecutive session, this time by around 14.8K contracts. On the other hand, volume shrank for the second straight session, now by around 67.8K contracts.

WTI: Gains appear so far capped by $90.00

Friday’s recovery in prices of WTI was on the back of increasing open interest and shrinking volume. Against that, the continuation of the multi-session consolidative phase appears on the cards in the very near term. In the meantime, the $90.00 per barrel continues to limit occasional bullish attempts for the time being.