CME Group’s flash data for crude oil futures markets noted traders added around 3.8K contracts to their open interest positions on Thursday, extending the uptrend in place since December 23. Volume, instead, set aside three daily drops in a row and went up by around 192.5K contracts.

WTI: A visit to the $70.00 area is not ruled out

Thursday’s small bounce in prices of the WTI was on the back of rising open interest, which suggests the probability of another move higher in the very near term. The sharp decline in volume, however, leaves the door open to extra downside to, potentially, the 2022 low near the $70.00 mark per barrel.