Crude Oil Futures: Downside has further legs to go

CME Group’s flash data for crude oil futures markets saw traders add around 26.2K contracts to their open interest positions on Friday. In the same line, volume increased by around 84.7K contracts, reversing the previous daily retracement.

WTI: Decline could challenge 2022 lows near $74.00

The selling pressure around crude oil remained unabated on Friday amidst rising open interest and volume. Against that, prices of the WTI look poised to confront the YTD low at $74.30 per barrel (January 3) sooner rather than later.