Crude Oil Futures: Further consolidation in the pipeline

Considering advanced prints from CME Group for crude oil futures markets, open interest increased for the third consecutive session on Monday, now by around 1.4K contracts. Volume, instead, nearly halved from the previous day and dropped by around 431.3K contracts.

WTI appears consolidative around $80.00

Price action around WTI gyrated around the $80.00 mark per barrel on Monday amidst rising open interest and a sharp drop in volume. Against that, further range bound around current prices should not be ruled out for the time being. On the upside, the 2023 peak at $84.85 emerges as the next target of relevance for the commodity.