Crude Oil Futures: Some near-term consolidation looks likely
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Open interest in crude oil futures markets increased for the fourth session in a row on Wednesday, this time by around 6.3K contracts according to preliminary readings from CME Group. On the other hand, volume shrank for the second straight session, now by around 51.8K contracts.
Prices of the WTI charted an inconclusive session on Wednesday, closing with humble gains around the $80.00 mark per barrel. The move was amidst rising open interest and shrinking volume, which could lead to further consolidation in the very near term near the $80.00 region.
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