Crude Oil Futures: Further consolidation remains in place

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CME Group flash data for the crude oil futures markets pointed to open interest declining for the third consecutive session at the start of the week, now at around 35.8K contracts. On the other hand, the volume reversed three daily falls in a row and increased by almost 86K contracts.

WTI still looks at $ 41.50

West Texas Intermediate prices remain unchanged from the consolidation mood for several weeks thus far, probably between $ 36.00 and $ 41.50 a barrel. The unfinished session on Monday coincides with the contraction of open interest and the increase in volume, echoing the erratic behavior of prices seen lately. With that said, the $ 41.50 level is still emerging as the next major hurdle at WTI.

About the author

Nafees Saifi // entrepreneur, author, trainer, and stocks and FX trader. 
Nafees Saifi is a professional FX trader from, India. Nafees has extensive experience trading commodities, bonds, and equity futures in the Asian, European, and US markets. Nafees holds a Bachelor of Finance and Economics degree and is focused heavily on Investment Finance and Quantitative Analysis.


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