Crude Oil Futures: Outlook looks neutral

CME Group’s flash data for crude oil futures markets noted open interest went down for the second session in a row on Tuesday, now by just 724 contracts. In the same line, volume reversed the previous build and dropped by more than 102K contracts.

WTI poised for some consolidation

WTI charted an inconclusive session on Tuesday amidst diminishing open interest and volume. Against this, crude oil could extend the side-lined theme in the very near-term with the lower bound of the range around the $44.00 mark and gains so far capped near the $47.00 mark per barrel.