Crude Oil Futures: No change in the consolidative theme
|CME Group’s flash data for Crude Oil futures markets saw traders adding around 20.4K contracts to their open interest positions on Thursday, while volume reversed two builds in a row and went down by nearly 157.6K contracts.
WTI still remains capped by $44.00/bbl
Prices of the West Texas Intermediate are forecasted to extend the multi-week side-line theme at least in the short-term horizon. This view is supported by inconclusive performance in both open interest and volume, while the key barrier at the $44.00 mark per barrel keeps limiting the upside for the time being.
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