Crude Oil Futures: Further consolidation looks likely

In light of advanced readings for crude oil futures markets from CME Group, open interest went up by more than 45K contracts on Wednesday. On the other hand, volume shrunk by around 83.5K contracts following two consecutive daily builds.

WTI stays capped by $28.00/bbl

Prices of the barrel of the WTI are seen extending the prevailing consolidative fashion in the short-term horizon on the back of inconclusive trends in open interest and volume. That said, the barrel of West Texas Intermediate remains limited by the $28.00 mark for the time being.