Crude Oil Futures: Recovery looks unsustainable

Open interest and volume in crude oil futures prices shrunk by nearly 2.2K contracts and around 234.2K contracts, respectively, on Tuesday, all in light of flash figures from CME Group.

WTI remains under heavy pressure

The weekly recovery in prices of the WTI remains in place, although the continuation of the move up seems to lack sustainability on the back of declining open interest and volume. That said, another test of the yearly lows in the sub-$20.00 area should not be surprising in the near term.