Crude Oil Futures: Cautious tone prevails

Pablo Piovano FXStreet

In light of preliminary readings for Crude Oil futures markets from CME Group, open interest shrunk by around 7K contracts on Tuesday, adding to the previous drop. Volume, instead, partially reversed the previous sharp drop and went up by almost 18K contracts.

WTI remains supported by $57.50

Prices of the West Texas Intermediate closed Tuesday’s session with small gains amidst shrinking open interest. That said, the upside looks somewhat limited and targets the $60.00 mark per barrel in the very near-term, while the downside is expected to remain supported by the $57.50 area.

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 keeps the rangebound trade near 1.1850

EUR/USD is still under pressure, drifting back towards the 1.1850 area as Monday’s session draws to a close. The modest decline in spot comes as the US Dollar picks up a bit of support, while thin liquidity and muted volatility, thanks to the US market holiday, are exaggerating price swings and keeping trading conditions choppy.

GBP/USD trades with negative bias, eyes 1.3600 ahead of UK jobs data

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Gold sticks to a negative bias below $5,000; lacks bearish conviction

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