Crude Oil Futures: Further losses on the cards

Pablo Piovano FXStreet

CME Group’s advanced prints for Crude Oil futures markets noted traders scaled back their open interest positions for the fifth consecutive session on Friday, this time by around 64.6K contracts. In the same line, volume reversed fourth builds in a row and went down by around 211.7K contracts.

WTI risks a move to $54.00

Prices of the WTI managed to regain some ground on Friday following Thursday sharp sell-off. The move, however, was amidst shrinking open interest and volume, allowing for the continuation of the corrective downside at least in the very near-term. That said, the next support now emerges around the January peaks near $54.00 per barrel.

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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 deflates to fresh lows, targets 1.1600

The selling pressure on EUR/USD now gathers extra pace, prompting the pair to hit fresh multi-week lows in the 1.1625-1.1620 band on Friday. The continuation of the downward bias comes in response to further gains in the US Dollar as market participants continue to assess the mixed release of US Nonfarm Payrolls in December.

GBP/USD breaks below 1.3400, challenges the 200-day SMA

GBP/USD remains under heavy fire and retreats for the fourth consecutive day on Friday. Indeed, Cable suffers the strong performance of the Greenback, intensified post-mixed NFP, and trades at shouting distance from its critical 200-day SMA near 1.3380.

Gold flirts with yearly tops around $4,500

Gold keeps its positive bias on Friday, adding to Thursday’s advance and challenging yearly highs in the $4,500 region per troy ounce. The risk-off sentiment favours the yellow metal despite the firmer tone in the Greenback and rising US Treasury yields.