Crude Oil Futures: Further consolidation not ruled out
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CME Group’s flash data for crude oil futures markets note investors trimmed their open interest positions for the third session in a row on Friday, now by around 9.2K contracts. Volume, instead, remained erratic and rose by just 394 contracts.
Prices of the barrel of the WTI charted an inconclusive session on Friday amidst the continuation of the downtrend in open interest and erratic activity in open interest. So far, the lack of a clear direction appears the most likely scenario for crude oil prices in the very near term, while the 200-day SMA, today at $96.00, continues to limit the upside in the commodity.
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