Crude Oil Futures: Extra losses in the pipeline
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Open interest in crude oil futures markets extended the uptrend and went up by around 24.5K contracts on Thursday according to preliminary readings from CME Group. Volume, instead, reversed two daily builds in a row and dropped by around 43.3K contracts.
Prices of the WTI prolonged the leg lower on Thursday against the backdrop of increasing open interest. Against that, the commodity could accelerate losses to, initially, the 2023 low at $72.50 per barrel (January 5).
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