Crude Oil Futures: Further consolidation on the cards

Open interest in crude oil futures markets dropped by around 8.2K contracts on Tuesday following three consecutive daily builds, according to advanced prints from CME Group. Volume followed suit and went down by around 108.7K contracts after two daily builds in a row.

WTI looks supported around $90.00

The WTI charted an inconclusive session on Tuesday amidst shrinking open interest and volume, exposing the continuation of the range bound theme in the very near term. So far, the commodity remains supported by the vicinity of the $90.00 mark per barrel.