Crude Oil Futures: Further consolidation likely

CME Group’s preliminary readings for Crude Oil futures markets noted traders increased their open interest positions for the fourth session in a row on Wednesday, this time by more than 39K contracts, the largest single day build so far this year. On the other hand, volume extended the erratic performance and went down by around 421.5K contracts.

WTI remains capped by the $68.00 mark

Prices of the WTI extended the side-lined theme on Wednesday amidst rising open interest, which allows for the continuation of this stance at least in the very near-term. In the meantime, the 2021 high near the $68.00 mark per barrel remains the next target of note for the commodity.