Crude Oil Futures: Probable consolidation near-term

CME Group’s preliminary readings for crude oil futures markets noted traders increased their open interest positions for the second session in a row on Wednesday, this time by around 7.3K contracts. Volume, instead, shrunk by around 222.3K contracts after two consecutive daily builds.

WTI faces a tough barrier at $60.00

The rally in crude oil prices appears to have run out of some steam. Wednesday’s inconclusive price action in WTI was in tandem with rising open interest, opening the door to some consolidative range in the very near-term, but always with the target unchanged at the key $60.00 mark per barrel in the next weeks.