Further consolidation likely near term

CME Group’s preliminary readings for crude oil futures markets noted traders added around 15.6K contracts to their open interest positions on Wednesday, recording the third consecutive daily gain. Volume followed suit and rose by the fourth straight session, this time by around 137.6K contracts.

WTI eyes a test of the $80.00 mark

Prices of the barrel of WTI charted an inconclusive session on Wednesday amidst increasing open interest and volume. That said, further range bound around current levels should not be ruled out in the very near term, always with the immediate target at the $80.00 mark per barrel.

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