Crude Oil Futures: Further losses in store

Pablo Piovano FXStreet

Considering advanced prints from CME Group for crude oil futures markets, traders added around 7.1K contracts to their open interest positions and reversed at the same time three daily pullbacks in a row. Volume followed suit and went up by more than 242K contracts after two consecutive daily drops.

WTI now targets the 2022 low near $74.00

Prices of the WTI dropped strongly and breached the key $80.00 mark per barrel on Wednesday. The sharp pullback was reinforced by increasing open interest and volume and signals that further weakness lies ahead in the very near term. That said, the WTI could slip back and revisit the YTD low at $74.30 (January 3).

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 seems fragile below 1.1700 as Middle East war boosts energy prices

The EUR/USD pair trades flat at around 1.1680 during the Asian trading session on Tuesday, but broadly seems vulnerable, being close to its five-week low. The major currency pair is under pressure as surging oil prices due to the United States-Israel war with Iran have increased the risks of higher inflation for the Old Continent.

GBP/USD hovers around 1.3400 with bearish pressure intact

GBP/USD edges higher after three days of losses, trading around 1.3400 during the Asian hours on Tuesday. The technical analysis of the daily chart indicates an ongoing bearish bias, as the pair trades within a descending channel pattern.

Gold stays bullish as Iran war continues to spur safe-haven flows

Gold is finding renewed bids in Asian trades on Tuesday, making another attempt to regain the $5,400 level amid persistent demand for safe-haven assets as the Iran war extends. A softer risk tone remains in play as US President Donald Trump continues to threaten deeper escalation to the ongoing war with Iran, warning that a “big wave” is yet to come.

Top Crypto Gainers: Near Protocol, Virtuals Protocol, and Morpho lead market recovery

Near Protocol, Virtuals Protocol, and Morpho are leading the market recovery with double-digit gains over the last 24 hours. Technically, NEAR extends the breakout of the falling channel pattern, VIRTUAL holds above the 50-day EMA, while MORPHO tests a crucial resistance.

The market is not panicking it is repricing the probability distribution of Oil and time

At the end of the day, markets do not trade morality or geopolitics. They trade transmission channels. And the only channel that truly matters in this maelstrom runs through the price of energy and the time value of money.

Grass 20% bullish breakout defies broader market weakness

Grass (GRASS) is edging up above $0.30 at the time of writing on Monday. The token’s notable 20% intraday surge stands out amid heightened volatility in the broader crypto market.