Crude Oil Futures: Imminent bounce?

CME Group’s preliminary readings for Crude Oil futures markets noted open interest shrunk for yet another session on Tuesday, this time by around 20.7K contracts. Volume, instead, reversed two daily pullbacks in a row and went up sharply by around 850.1K contracts, the largest single day build so far this year.

WTI poised for a rebound in the near-term

Prices of the WTI dropped markedly on Tuesday and closed well below the critical $60.00 mark per barrel. The strong decline, however, was amidst the broader downtrend in open interest, which is indicative that the continuation of the leg lower appears unlikely at least in the very near-term.