Crude Oil Futures: Further consolidation in the pipeline

CME Group’s advance prints for crude oil futures markets noted traders increased their open interest positions by around 16.5K contracts on Thursday, extending the uptrend prevailing since May 21. On the other hand, volume dropped for the second session in a row, this time by around 43.8K contracts.

WTI still targets the $70.00 mark

Prices of the WTI kept the tight range in the area of 2021 highs past the $69.00 level on Thursday. The small uptick was on the back of rising open interest, indicative of further consolidation while a move higher should not be ruled out either. That said, the next target of note comes in at the $70.00 mark per barrel in the short-term horizon.