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In light of preliminary readings from CME Group for crude oil futures, open interest shrunk for the second consecutive session on Tuesday, this time by around 4.1K contracts. On the opposite side, volume reversed the previous drop and rose by around 77.2K contracts, resuming the uptrend.

WTI faces some consolidation ahead of OPEC+

Prices of the WTI are attempting some consolidation at current levels ahead of the key OPEC+ meeting on March 5-6 in Vienna. Inconclusive activity from open interest and volume leaves the door open for the continuation of the rangebound theme at least in the very near-term.