Crude Oil Futures: Extra consolidation likely

Open interest in crude oil futures markets rose by around 16.5K contracts on Wednesday, reversing two consecutive daily drops according to flash data from CME Group. Volume, instead, went down by around 369.3K contracts.

WTI looks to OPEC+ for near-term direction

Prices of the barrel of WTI are extending the consolidative fashion around current levels and are expected to maintain the same tone amidst rising open interest and volume. The imminent OPEC+ meeting (Thursday and Friday) is expected to determine the price action in the commodity in the very near term at least.