Crude Oil Futures: Door open to extra decline

Open interest in crude oil futures markets rose for yet another session on Wednesday, this time by around 41.8K contracts according to preliminary readings from CME Group. Volume followed suits and went up for the third straight session, now by more than 87K contracts.

WTI could drop to the 2022 low near $70.00

Prices of the barrel of the WTI dropped markedly on Wednesday amidst shrinking open interest and volume. That said, further retracement appears well in store in the near term and with the immediate target at the 2022 low near the $70.00 mark per barrel (December 9).