Crude Oil Futures: Probable correction on the cards

Pablo Piovano FXStreet

CME Group’s preliminary figures for crude oil futures markets noted open interest increased for the second session in a row, this time by around 11.1K contracts. In the same line, volume went up for the second straight session, now by around 201.5K contracts.

WTI: Outlook remains positive

Wednesday’s corrective pullback dragged prices of the WTI from new 2021 highs just below the $73.00 mark. The move was on the back of rising open interest and volume, exposing further weakness in the very near term ahead of the continuation of the rally.

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 flirts with weekly lows near 1.1770

EUR/USD now comes under further selling pressure, breaking below the 1.1800 support to challenge the area of weekly throughs near 1.1770 on Thursday. The pair’s decline comes in response to marked gains in the US Dollar amid steady geopolitical tensions. Ealier in the day, the ECB’s Lagarde delivered cautious remarks, although the currency remained apathetic.

GBP/USD makes a U-turn, challenges 1.3500

GBP/USD rapidly leaves behind Wednesday’s strong advance, putting the 1.3500 support to the test on Thursday. Cable’s deep pullback follows the strong gains in the Greenback, while investors continue to pencil in a potential BoE rate cut in March.

Gold sticks to the bid bias, flirts with $5,200

Gold is now facing some downside pressure, hovering around the $5,170 region on Thursday. The precious metal adds to Wednesday’s optimism despite the Greenback trades in a firm fashion, although geopolitical tensions in the Middle East keep the yellow metal bid for now.