Crude Oil Futures: ready for a rebound?

Open interest and volume in Crude Oil futures markets shrunk by around 12.7K contracts and nearly 27K contracts, respectively on Monday, as shown by flash data from CME Group.

WTI supported by the 200-day SMA near $57.60

The decline in crude oil prices in response to easing tensions in the Middle East appears to have met strong contention in the $58.00 neighbourhood, as noted by the drop in both open interest and volume at the beginning of the week. This area of support is also reinforced by the 200-day SMA in the $57.60 region.