A cutting tool used for grooving and turning has a cutting insert removably secured in a holder blade. The cutting insert includes an insert passage having an insert passage axis, and the holder blade includes a holder passage having holder passage axis. When the cutting insert is resiliently clamped in the holding portion and located in a rearmost position, a passage plane containing the holder and insert passage axes forms a first angle with a main plane, perpendicular to the insert longitudinal axis and containing the insert passage center point, where the first angle is less than or equal to 60°. The cutting insert can be extracted from the cutting tool by positioning first and second engagement portions of an extraction key simultaneously in the holder and insert passages, respectively, and rotating the extraction key.