Crude Oil Futures: Green light to further gains

Pablo Piovano FXStreet

CME Group’s flash data for crude oil futures markets saw traders add around 1.2K contracts to their open interest positions on Tuesday, extending the choppy activity seen in past sessions. Volume followed suit and rose for the second consecutive session, this time by around 44.8K contracts.

WTI now looks to a test of $90.00 and above

Prices of the WTI went up for the second straight session on Tuesday on the back of increasing open interest and volume. That said, the continuation of the ongoing rebound appears likely in the very near term and with the immediate resistance at the $90.00 mark per barrel and beyond.

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 offered stance just above 1.1700

EUR/USD is coming under heavy selling pressure in what has been a rather grim start to the new trading week, with the pair now trading close to the 1.1700 support area as the US Dollar stages a solid rebound. The prevailing flight to safety mood continues to favour the Greenback, as investors react to the escalating conflict in the Middle East and trim risk exposure across the board.

GBP/USD hits new yearly lows near 1.3300

GBP/USD adds to the recent bearish tone, approaching to the key 1.3300 support to reach fresh YTD troughs against the backdrop of the robust performance of the US Dollar. Indeed, Cable’s decline comes amid the firm demand for the safe-haven space in the wake of the US and Israel attacks to Iran.

Gold trims losses, back below $5,400

Gold now surrenders part of the earlier advance past the $5,400 mark per troy ounce at the beginning of the week. Indeed, the precious metal’s strong uptick remains fuelled by increasing geopolitical tensions in the Middle East amid the intense demand for safer assets.