Crude Oil Futures: Rebounds appear capped

Investors trimmed their open interest positions for the second consecutive session on Tuesday, this time by around 98K contracts, the largest single-day drop so far this year. Volume, on the opposite direction, went up by around 1.765M contracts, rising the most in 2020 for the time being.

WTI remains volatile amidst demand crush

Occasional bullish attempts in prices of the barrel of WTI are likely to remain short-lived, as noted by Tuesday’s positive performance of the commodity against the backdrop of the sharp decline in open interest.