Crude Oil Futures: Further consolidation likely

CME Group’s preliminary readings for petroleum futures markets noted traders increased their open interest positions for the fourth session during a row on Wednesday, this point by quite 39K contracts, the most important single day build thus far this year. On the opposite hand, volume extended the erratic performance and went down by around 421.5K contracts.

WTI remains capped by the $68.00 mark
Prices of the WTI extended the side-lined theme on Wednesday amidst rising open interest, which allows for the continuation of this stance a minimum of within the very near-term. within the meantime, the 2021 high near the $68.00 mark per barrel remains subsequent target of note for the commodity.

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