Crude Oil Futures: Still room for extra retracement
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Considering advanced prints from CME Group for crude oil futures markets, open interest went up for the third session in a row on Tuesday, now by around 5.5K contracts. Volume followed suit and rose by nearly 26K contracts, partially reversing the previous daily drop.
Prices of the WTI prolonged the weekly leg lower on Tuesday. The daily decline was on the back of increasing open interest and volume and it is indicative that further losses lie ahead for the commodity. That said, the loss of the minor support at $76.58 (February 9) could pave the way for a drop to the 2023 low at $72.30 (February 6).
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