Crude Oil Futures: Room for extra consolidation

Traders increased their open interest positions for the second straight session on Friday, this time by nearly 1.5K contracts in light of preliminary readings from CME Group. On the other hand, volume shrunk for the second consecutive day, noy by around 41.2K contracts.

WTI side-lined around the 200-day SMA

Prices of the WTI keep trading without a clear direction. Friday’s inconclusive performance was amidst rising open interest and diminishing volume, leaving the door open to the continuation of the consolidative trend in the near-term. The target on the upside remains at the $44.00 mark per barrel.