Crude Oil Futures: Door open to extra retracement

CME Group’s flash data for crude oil futures markets noted traders added around 14.3K contracts to their open interest positions at the beginning of the week, extending the uptrend in place since January 20. Volume, instead, reversed two consecutive daily builds and went down by around 147.6K contracts.

WTI now targets $72.50

Prices of the WTI added to the previous decline on Monday against the backdrop of increasing open interest. That said, the continuation of the downtrend appears on the cards and targets the so far 2023 low at $72.50 per barrel (January 5).