Crude Oil Futures: Extra gains need more conviction

Pablo Piovano FXStreet

Open interest in crude oil futures markets noted investors trimmed their open interest positions for the fifth straight session on Thursday, this time by around 21.8K contracts according to advanced figures from CME Group. Volume, instead, remained choppy an went up by around 23.2K contracts.

WTI remains supported by the $95.00 zone

Prices of the barrel of WTI rose sharply on Thursday. The move, however, was amidst diminishing open interest, which leaves the prospect for further rebound somewhat curtailed in the very near term. That said, another visit to the recent contention area around $95.00 per barrel should not be ruled out.

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

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

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