CME Group has withdrawn plans for a proposed 10-barrel crude oil futures contract designed to support 24-hour trading under U.S. jurisdiction and Commodity Futures Trading Commission oversight. Chief Executive Officer Terry Duffy said the decision followed extensive discussions in which industry participants warned that introducing continuous energy trading without sufficient review could create unintended consequences and additional risk. The proposed contract was designed to be one-tenth the size of the existing Micro WTI futures contract. Traders and other market participants said thin weekend liquidity could distort West Texas Intermediate prices. The American Petroleum Institute and BP told the CFTC that round-the-clock trading could complicate commercial hedging, strain weekend staffing and create additional margin and collateral requirements outside regular hours. The CFTC began reviewing the market impact after the proposal became public. CME had presented the contract as a safer, more transparent alternative to around-the-clock crude products offered by offshore venues, whose trading has increased since the outbreak of the Iran war. Its withdrawal represents a retreat in CME’s effort to compete with those markets.