Crude Oil Futures: Potential consolidation on the cards

CME Group’s advanced prints for crude oil futures markets noted traders trimmed their open interest positions by just 642 contracts on Thursday, reversing at the same time six consecutive daily builds. Volume, instead, went up by around 349.3K contracts after two drops in a row.

WTI still targets the 2021 highs

Prices of the WTI moved within the daily range on Thursday, closing the session with decent gains. The uptick, however, was amidst diminishing open interest, which allows for some rangebound trading in the very near term, while further upside still targets the YTD peaks near the $77.00 mark per barrel.