Crude Oil Futures: Extra losses in store

Open interest in crude oil futures markets increased for the third day in a row on Wednesday, now by around 8.1K contracts according to preliminary readings from CME Group. On the other hand, volume kept the choppy activity in place and shrank by around 181.3K contracts, partially reversing the previous build.

WTI: Immediate support comes at the YTD low near $72.50

Wednesday’s daily decline in prices of the WTI came in tandem with further increase in open interest, which remains supportive of extra weakness in the very near term. Against that, the next contention of significance emerges at the so far 2022 low at $72.50 recorded on January 5.