Crude Oil Futures: Rebound long overdue

CME Group’s flash data for crude oil futures markets noted open interest dropped for yet another session, now by more than 14K contracts, on Friday. In the same line, volume reversed two consecutive daily builds and went down by around 316.7K contracts.

WTI meets support around $62.00

The sharp pullback in prices of the WTI appears to have met some decent contention in the $62.00 zone, coincident with May lows. Friday’s downtick was amidst shrinking open interest and volume, hinting at the idea that a rebound remains on the cards in the very near term. The recent oversold condition of the commodity also reinforces the latter.