Crude Oil Futures: Look neutral/bearish near-term

CME Group’s flash prints for Crude Oil futures markets noted open interest rose for the fourth consecutive session on Monday, this time by just 568 contracts. Volume followed suit and went up by around 105.5K contracts after three pullbacks in a row.

WTI likely moved into a consolidative range

Prices of the WTI started the week on the defensive against the backdrop of rising open interest and volume. That said, while some consolidation is likely in the very near-term, a move lower should not be ruled out.