Crude Oil Futures: Extra losses could lose momentum

Considering advanced prints from CME Group for crude oil futures markets, open interest went down for the second straight session on Thursday, now by nearly 19K contracts. Volume followed suit and dropped by more than 119K contracts.

WTI: Next on the downside comes the 2023 low

Thursday’s continuation of the leg lower in prices of the WTI was in tandem with increasing open interest and volume. That said, while a deeper retracement in the commodity seems not favoured, there should be decent contention around the 2023 low near the $72.00 mark per barrel for the time being.