Crude Oil Futures: Bounce appears ephemeral
In light of advanced data for crude oil futures markets from CME Group, open interest shrunk for yet another session by almost 9.8K contracts. Volume followed suit and reversed the previous build and dropped by nearly 194K contracts.
WTI seen re-testing $20.00/bbl
Thursday’s recovery in prices of the barrel of West Texas Intermediate appears unsustainable amidst declining open interest and volume, which should keep well on the cards a potential re-visit to the YTD lows in the $20.00 area.