Crude Oil Futures: Extra rangebound likely

CME Group’s advanced figures for Crude Oil futures markets noted open interest went up for the second session in a row on Monday, this time by around 12.7K contracts. Volume followed suit and extended the choppy activity, increasing by nearly 75K contracts.

WTI remains capped by the 200-day SMA

Prices of the barrel of WTI are extending the side-lined theme around the $41.00 mark amidst rising open interest and volume, which is supportive of further consolidation in the short-term horizon. While the consolidative mood prevails, occasional bullish attempts should meet decent resistance around the 200-day SMA at $43.15.