Crude Oil Futures: Extra rangebound stays on the table

CME Group’s advanced figures for crude oil futures markets noted traders reduced their open interest positions for the second session in a row, this time by around 5.3K contracts. Volume, instead, reversed part of the previous sharp drop and advanced by around 26.7K contracts.

WTI faces strong resistance around $40.00/bbl

Monday’s small uptick in prices of the WTI was amidst shrinking open interest and volume, extending the lack of direction in the commodity and leaving the prospect for extra consolidation unchanged in the short-term horizon.