Crude Oil Futures: Rebound could be short lived

Considering advanced prints from CME Group for crude oil futures markets, traders scaled back their open interest positions by around 5K contracts on Tuesday. On the other hand, volume increased for the third straight session, this time by around 42.5K contracts.

WTI could still retest $95.00

Prices of the WTI briefly breached the $100.00 mark on Tuesday before rebounding and closing the session with modest gains. The bounce was on the back of diminishing open interest and could signal some lack of conviction in the move higher. That said, the commodity could still revisit the area of recent lows around $95.00 per barrel.