CME Group’s flash data for crude oil futures markets noted traders increased their open interest positions by around 2.3K contracts on Wednesday. In the same line, volume added to the previous daily build and went up by around 105.2K contracts.

WTI: A drop to the 2023 low is not ruled out

Prices of WTI dropped markedly on Wednesday amidst increasing open interest and volume, paving the way for potential extra pullbacks in the very near term. Against that, there is still room for a probable retracement to the 2023 low of $63.61 per barrel (May 4).