A cutting tool including a basic body and a plurality of cutting inserts arranged in series one after the other. Each insert includes a topside, an underside, two opposite side surfaces, front and rear ends, and a cutting edge adjacent to the front end. The rear end of a first cutting insert faces the front end of a second cutting insert disposed rearward of the first insert, and a chip space forward of the cutting edge of the second cutting insert is delimited by a chip-forming surface extending in the forward direction from the rear end of the first cutting insert, and a chip-forming surface extending downward from the cutting edge of the second cutting insert.