Crude Oil Futures: Consolidation likely near term

CME Group’s preliminary readings for crude oil futures markets noted traders scaled back their open interest positions for the third session in a row on Friday, this time by around 23.8K contracts. Volume followed suit and went down by around 309.5K contracts, adding to Thursday’s pullback.

WTI faces the next support around $70.00

Prices of the WTI charted an inconclusive session at the end of last week amidst the broader moderate correction lower. The move, however, is unlikely to have further legs against the backdrop of diminishing open interest and volume. That said, the $70.00 mark per barrel should now hold the downside for the time being.