Crude Oil Futures: Extra decline still favoured

CME Group’s flash data for crude oil futures markets noted traders increased their open interest positions for yet another session on Friday, this time by around 23.5K contracts. Volume followed suit and went up by more than 227K contracts, reversing the previous daily drop.

WTI keeps targeting the YTD low at $72.50

Prices of the WTI dropped sharply and extended the weekly leg lower on Friday. The strong decline came in tandem with increasing open interest and volume and is indicative that extra pullbacks remain well in store for the time being. The immediate support of note emerges at the 2023 low at $72.50 per barrel (January 5).