Crude Oil Futures: Further consolidation in the pipeline

CME Group’s flash data for crude oil futures markets noted traders added around 6.5K contracts to their open interest positions on Friday, adding to the previous build. In the same line, volume resumed the upside and rose markedly by around 148.2K contracts.

WTI looks supported by the 200-day SMA

Prices of the WTI closed Friday’s session with modest gains after reaching multi-day peaks close to the $102.00 mark per barrel. The daily uptick was on the back of increasing open interest and volume, which leaves the prospects for further consolidation unchanged while supported by the key 200-day SMA, today at $95.10.