Crude Oil Futures: Potential consolidation on the cards

Considering preliminary readings from CME Group for crude oil futures markets, open interest rose by nearly 6K contracts after two consecutive daily retracements on Wednesday. On the other hand, volume dropped by around 117.2K contracts following two daily advances in a row.

WTI: Decent contention emerged at the 200-day SMA

Wednesday’s recovery in prices of the barrel of the WTI was amidst rising open interest and a moderate drop in volume. That said, some consolidation could emerge in the very near term while the downside remains so far limited by the 200-day SMA around the $94.00 neighbourhood per barrel.