Crude Oil Futures: Extra rangebound in the pipeline

Pablo Piovano FXStreet

CME Group’s flash data for crude oil futures markets noted open interest prolonged the erratic activity and went down by more than 15K contracts on Thursday. Volume followed suit and decreased sharply by around 142.6K contracts following three consecutive daily builds.

WTI faces further consolidation

Prices of the WTI meets contention near the $39.80 region so far this week. Thursday’s positive price action, however, was amidst shrinking open interest and volume, leaving the topside somewhat limited and the door open for extra consolidation in the near-term and always around the key $40.00 mark per barrel.

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 meets initial support around 1.1800

EUR/USD remains on the back foot, although it has managed to reverse the initial strong pullback toward the 1.1800 region and regain some balance, hovering around the 1.1850 zone as the NA session draws to a close on Tuesday. Moving forward, market participants will now shift their attention to the release of the FOMC Minutes and US hard data on Wednesday.

GBP/USD bounces off lows, retargets 1.3550

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Gold remains offered below $5,000

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RBNZ set to pause interest-rate easing cycle as new Governor Breman faces firm inflation

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UK jobs market weakens, bolstering rate cut hopes

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Ripple slides to $1.45 as downside risks surge

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