Crude Oil Futures: Pullbacks look limited

Pablo Piovano FXStreet

In light of preliminary readings from CME Group for Crude Oil futures markets, open interest shrunk by around 20.3K contracts on Thursday, resuming the downside. In the same line, volume went down for the second straight session, now by around 126.1K contracts.

WTI looks supported near $57.50

Prices of the WTI face some increased volatility in response to the Suez Canal jam. Thursday’s downtick was amidst declining open interest and volume, allowing for a potential rebound in the very near-term. In the meantime, recent price action showed decent contention in the $57.50 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 remains bid, focus stays on 1.1900

EUR/USD has broken its two-day run of losses and is ticking modestly higher on Thursday, hovering around the 1.1880 area as the US Dollar struggles to find clear direction. Weekly Initial Jobless Claims rose more than expected, taking a bit of shine off the Greenback, but markets are largely in wait-and-see mode ahead of Friday’s US CPI release.

GBP/USD sticks to the bid bias, still below 1.3700

GBP/USD is trading with decent gains around 1.3650 on Thursday. Indeed, Cable is attempting to shake off the weakness seen earlier in the week amid another choppy session for the Greenback, while a run of disappointing UK data has so far failed to derail the pair’s tentative recovery.