CME Group’s flash figures for Crude Oil futures markets showed traders added nearly 7.8K contracts to their open interest positions on Wednesday, reversing at the same time five consecutive daily pullbacks. Volume, instead, shrunk sharply by around 235.1K contracts following two daily builds in a row.

WTI: Rangebound below the 200-day SMA

Prices of WTI are extending the multi-week consolidative theme just above the $40.00 mark per barrel. Wednesday’s uptick in prices was amidst rising open interest and this allows for further upside in the very near-term. In the meantime, the key 200-day SMA at $43.33 keeps capping the upside for the time being.