Crude Oil Futures: Upside looks exhausted

Pablo Piovano FXStreet

Advanced data for crude oil futures markets from CME Group noted open interest shrunk by nearly 1.5K contracts at the end of last week. In the same line, volume reversed two builds in a row and decreased by around 353.5k contracts, the highest single-day drop since March 23^rd.

WTI faces strong barrier at $30.00/bbl

Friday’s recovery in prices of the barrel of WTI were amidst declining open interest and volume, suggesting the presence of short covering behind the recent upside. That said, and with the $30.00 mark per barrel capping the upside, the door remains open for the resumption of the downtrend in the very near term at least.

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

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