CME Group’s flash data for crude oil futures markets noted traders increased their open interest positions by around 28.8K contracts on Wednesday after four straight daily drops. Volume followed suit and went up by around 12.7K contracts, extending the ongoing choppiness.

WTI risks a probable decline to the YTD low

Wednesday’s strong retracement in prices of the WTI came amidst rising open interest and volume and is suggestive that extra weakness could emerge on the horizon in the very near term. Against that, the next support level of relevance is seen at the 2023 low at $72.30 per barrel (February 6).