On Wednesday, open interest in crude oil futures markets increased for the second consecutive session by approximately 5.5K contracts, according to advanced prints from CME Group. However, despite this, volume remained volatile and decreased by over 144K contracts.
The price of WTI crude oil continued to decrease throughout the week, supported by the rise in open interest and sustained selling pressure. As a result, the next support level is expected to be around $73.80, which was the weekly low on February 22 and 23.
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