Crude Oil Futures: Further consolidation likely

Traders increased their open interest positions for the third session in a row on Wednesday, this time by around 5.7K contracts in light of advanced readings from CME Group. Volume, on the other hand, keeps the choppy activity well and sound and shrunk sharply by around 204.7K contracts.

WTI: Extra rangebound in the pipeline

Prices of the barrel of WTI remained within a consolidative mood on Tuesday against the backdrop of inconclusive performance in volume and open interest. That said, further consolidation below the 200-day SMA($43.09) should be the most likely scenario in the very near-term.