Crude Oil Futures: Further consolidation appears likely

CME Group’s flash data for crude oil futures markets noted traders added around 8.6K contracts on Thursday, reaching the second consecutive daily build. Volume followed suit and rose by more than 174K contracts, leaving behind the previous daily drop.

WTI faces decent contention near $90.00

Prices of the WTI dropped to fresh lows near the $90.00 mark per barrel on Thursday, although they managed to end the session with marginal gains above the $96.00 region. Thursday’s volatile session was amidst rising open interest and volume and supports further range bound in crude oil prices in the very near term.