Crude Oil Futures: Diminishing bets for a move higher

According to advanced figures from CME Group for crude oil futures markets, open interest reversed two builds in a row and drop by almost 7.8K contracts. Volume, instead, went up by nearly 72K contracts.

WTI stays limited by $28.00

WTI prices are extending the consolidation theme in the upper end of the range, although a surpass of the $28.00 mark per barrel still remains elusive. Diminishing open interest amidst rising prices appears to sustain the view that gains look somewhat limited for the time being.