Crude Oil Futures: Rebound looks unsustainable

According to flash readings from CME Group for crude oil futures markets, open interest went down by around 4.1K contracts following six builds in a row. In the same direction, volume reversed three consecutive daily builds and decreased by around 365.9K contracts.

WTI: Recovery faces strong headwinds

Prices of the barrel of West Texas Intermediate bounced off new 2020 lows on Monday amidst shrinking open interest and volume. Against this, the rebound appears unsustainable and is seen struggling in the $49.30 region, previous yearly lows.