Crude Oil Futures: Room for further recovery

Pablo Piovano FXStreet

CME Group’s flash data for Crude Oil futures markets noted traders added nearly 4.4K contracts to their open interest positions on Thursday. On the opposite side, volume extended the downtrend for the sixth consecutive session, this time dropping by around 49.3K contracts.

WTI could re-test the $59.00 mark and above

Prices of the barrel of WTI remain in a recovery-mode so far this week. Thursday’s positive price action amidst rising open interest allows for a probable move to the $59.00 mark and above, where is located the 55-day SMA. However, the persistent drop in volume could spark some consolidation in the short-term horizon, or even a resumption of the downside.

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 struggles to regain momentum in the low1.1600s

EUR/USD is giving some signs of life in the aftermath of two severe days of losses on Wednesday, reclaiming the 1.1600 hurdle and above on the back of the resurgence of a mild selling bias around the US Dollar. Moving forward, the usual US weekly Claims will take centre stage on Thursday ahead of Friday’s crucial NFP data.

GBP/USD appears bid around 1.3370

GBP/USD reverses part of its recent multi-day decline, gathering some balance and managing to reach the 1.3400 region, where some initial resistance seems to have turned up. Cable’s uptick comes in response to some loss of momentum in the Greenback despite the geopolitical scenario remaining fragile.

Gold recovers modestly despite intensifying Middle East crisis

Gold keeps its daily gains well in place, although a break above the $5,200 mark per troy ounce still remains elusive on Wednesday. The yellow metal’s rebound comes in response to the persistent flight-to-safety amid intense geopolitical tensions in the Middle East and the bearish performance of the US Dollar.