Crude Oil Futures: Door open to extra weakness

Considering advanced prints from CME Group for crude oil futures markets, open interest extended the uptrend on Friday, now by around 20.3K contracts. In the same line, volume rose for the second consecutive day, this time by around 146.4K contracts.

WTI: Initial support comes at the $78.00 region

Friday’s decline in prices of the WTI came amidst increasing open interest and volume, and this is supportive of the continuation of the corrective retracement in the very near term at least. That said, there is an initial support at the weekly low at $78.18 (January 19).