Crude Oil Futures: Further consolidation likely

Traders scaled back their open interest positions for the second session in a row on Monday, this time by more than 1K contracts in light of flash data from CME Group. Volume, too, shrunk for the second straight session, now by around 98K contracts.

WTI appears limited by $44.00

Monday’s inconclusive price action was on the back of decreasing open interest and volume, leaving the consolidative scenario around crude oil unchanged for the time being. Furthermore, extra upside in prices of the WTI keeps targeting the  $44.00 mark per barrel.