Crude Oil Futures: Further rangebound in the pipeline

CME Group’s preliminary data for Crude Oil futures markets noted open interest shrunk for the third consecutive session on Wednesday, this time by around 11.5K contracts. On the other hand, volume went up for the third straight session, now by almost 65K contracts.

WTI still capped by $40.00

Prices of the West Texas Intermediate keep navigating within a tight range amidst rising volume and declining open interest, leaving the consolidative view unchanged in the near-term at least. That said, the $40.00 mark per barrel still emerges as a tough nut to crack for oil-bulls.