Crude Oil Futures: Extra consolidation on the cards

CME Group’s flash data for crude oil futures markets noted traders scaled back their open interest positions by just 596 contracts on Tuesday. Volume, instead, went up for the second straight session, now by around 20.3K contracts.

WTI remains side-lined around $110.00

Tuesday’s inconclusive price action in WTI was amidst a small decrease in open interest, leaving the door open to the continuation of the directionless trade in the very near term at least. In the meantime, the topside remains dominated by the May highs in the $115.50 region (May 17).