Crude Oil Futures: Further rebound could lose traction

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CME Group’s flash data for crude oil futures markets noted traders resumed the downtrend in their open interest positions on Thursday, this time following a drop of around 11.7K contracts. Volume, on the other hand, went up for the second session in a row, now by around 50.3K contracts.

Thursday’s marked rebound in prices of the barrel of the WTI was accompanied by declining open interest, which is indicative that a more sustainable recovery seems not favoured for the time being. The next target on the downside, in the meantime, emerges at the 2023 low at $72.30.

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