The oil rebound could well be an illusion. While Brent recovers after its recent drop, market data reveals a much less reassuring signal. Behind the price increase, capital is withdrawing and participation is eroding. Volume is down, investors are fleeing, defensive positions: several indicators converge toward the same reading. The market does not seem to be strengthening, but it is emptying. This divergence could signal a much more brutal movement in the coming sessions.