Crude Oil Futures: Extra rangebound in the pipeline

Considering preliminary readings from CME Group for crude oil futures markets, traders added nearly 18K contracts to their open interest positions on Wednesday, resuming the upside after Tuesday’s pullback. Volume followed suit and rose by around 225.3K contracts, offsetting the previous daily drop.

WTI remains capped by $70.00

Prices of the WTI charted an inconclusive session on Wednesday amidst increasing open interest and volume. That said, the commodity is expected to keep the consolidative theme well and sound for the time being, while the key $70.00 mark per barrel is seen limiting occasional bullish attempts for the time being.