Crude Oil Futures: Further consolidation remains in place

CME Group’s flash data for Crude Oil futures markets noted open interest shrunk for the third straight session at the beginning of the week, now by around 35.8K contracts. On the other hand, volume reversed three daily drops in a row and increased by almost 86K contracts.

WTI still looks to $41.50

Prices of the West Texas Intermediate keep the multi-week consolidative mood unchanged so far, likely between $36.00 and $41.50 per barrel. Monday’s inconclusive session comes in line with shrinking open interest and rising volume, echoing the erratic performance of prices seen as of late. That said, the $41.50 level still emerges as the next hurdle of note in WTI.