Crude Oil Futures: Still scope for a rebound… but when?

Pablo Piovano FXStreet

Traders trimmed their open interest positions once again on Tuesday, this time by around 10.3K contracts, in light of advanced figures from CME Group. In the same direction, volume went down by around 152.6K contracts.

WTI now targets $25.00/bbl

Prices of the barrel of WTI remain well entrenched into the negative territory and are now challenging the $26.00 mark. However, decreasing open interest and volume should allow for some rebound in the near-term, helped by the ongoing extreme oversold condition of the commodity.

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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