Crude Oil Futures: A deeper retracement appears unlikely

Pablo Piovano FXStreet

CME Group’s flash data for crude oil futures markets noted traders scaled back their open interest positions for the second session in a row, this time by around 7.5K contracts. On the other hand, volume increased for the third consecutive day, now by nearly 51K contracts.

WTI: Extra gains seen above $115.50

Wednesday’s marked decline in prices of the WTI was amidst the continuation of the downtrend in open interest, leaving the possibility of further losses somewhat diminished in the very near term. On the upside, crude oil faces the next hurdle at recent peaks in the $115.50 region per barrel (May 17,18).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

EUR/USD trims gains, back below 1.1800

EUR/USD now loses some upside momentum, returning to the area below the 1.1800 support as the Greenback manages to regain some composure following the SCOTUS-led pullback earlier in the session.

GBP/USD off highs, recedes to the sub-1.3500 area

Following earlier highs north of 1.3500 the figure, GBP/USD now faces some renewed downside pressure, revisiting the 1.3490 zone as the US Dollar manages to regain some upside impulse in the latter part of the NA session on Friday.

Gold climbs to weekly tops, approaches $5,100/oz

Gold keeps the bid tone well in place at the end of the week, now hitting fresh weekly highs and retargeting the key $5,100 mark per troy ounce. The move higher in the yellow metal comes in response to ongoing geopolitical tensions in the Middle East and modest losses in the US Dollar.