Crude Oil Futures: Scope for further correction

Pablo Piovano FXStreet

CME Group’s flash data for crude oil futures markets noted traders increased their open interest positions for the second consecutive session on Friday, now by 681 contracts. Volume, instead, went down for the third straight day, this time by around 108.6K contracts.

WTI faces the next support at $78.28

Prices of the WTI extended the corrective downside at the end of last week and approached the psychological $80.00 mark per barrel. The downtick was in tandem with rising open interest, which remains supportive of extra losses, at least in the very near term. Against that, the next area of contention emerges at November's low at $78.28 (November 4).

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 trims gains, back below 1.1800

EUR/USD now loses some upside momentum, returning to the area below the 1.1800 support as the Greenback manages to regain some composure following the SCOTUS-led pullback earlier in the session.

GBP/USD off highs, recedes to the sub-1.3500 area

Following earlier highs north of 1.3500 the figure, GBP/USD now faces some renewed downside pressure, revisiting the 1.3490 zone as the US Dollar manages to regain some upside impulse in the latter part of the NA session on Friday.

Gold climbs to weekly tops, approaches $5,100/oz

Gold keeps the bid tone well in place at the end of the week, now hitting fresh weekly highs and retargeting the key $5,100 mark per troy ounce. The move higher in the yellow metal comes in response to ongoing geopolitical tensions in the Middle East and modest losses in the US Dollar.