Crude Oil Futures: Door open to extra weakness

Considering advanced prints from CME Group for crude oil futures markets, traders added around 21.1K contracts to their open interest positions on Tuesday, reversing the previous daily drop. Volume followed suit and increased by around 381.1K contracts.

WTI: A drop to the 2023 low looms closer

Tuesday’s sharp sell-off in prices of WTI broke below the key $70.00 mark against the backdrop of rising open interest and volume. That said, the commodity now appears vulnerable to a deeper retracement to, initially, the YTD low of $63.61 recorded on May 4.