Crude Oil Futures: Rebound could be short lived

CME Group’s flash data for crude oil futures markets noted traders scaled back their open interest positions by around 3.4K contracts at the end of last week, extending the downtrend for the sixth session in a row. Volume followed suit and dropped by around 276.7K contracts, reversing the previous daily build.

WTI looks supported around $95.00

Prices of the WTI extended the rebound from last week’s lows around $95.00 on Friday, although the uptick was amidst shrinking open interest and volume, noting the presence of short covering behind the move. Against this, further upside looks unsustainable and could expose another visit to the $95.00 region in the near term.