Crude Oil Futures: A sustained rebound seems unlikely

Open interest in crude oil futures markets shrank by around 20.6K contracts on Tuesday according to preliminary readings from CME Group. In the same line, volume went down by around 64.4K contracts.

WTI could revisit the June low near $67.00

Tuesday’s strong advance in prices of WTI was amidst shrinking open interest and volume. That said, further recovery appears out of favour in the very near term, allowing the commodity to potentially retest the June low in the sub-$67.00 region per barrel (June 12).