Crude Oil Futures: Correction lower in the offing?

Pablo Piovano FXStreet

In light of advanced figures from CME Group for crude oil futures markets, open interest went up for the second session in a row on Wednesday, this time by around 5.2K contracts. In the same direction, volume edged higher by around 59.2K contracts following two consecutive daily pullbacks.

WTI faces initial hurdle at $54.45

The barrel of WTI reached fresh yearly tops just below the $54.00 mark on Wednesday before closing the session in the red territory. The move was in tandem with rising open interest and volume, which should be supportive of a corrective move in the very near-term. This view is reinforced by the current overbought levels in the commodity (gauged by the daily RSI). The rsumption of the upside is seen targeting the February 2020 high near $54.50 per ounce.

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 risks a deeper drop below 1.1750

EUR/USD keeps its vacillating mood in place as the the NA session drwas to a close on Tuesday, hovering below the 1.1800 hurdle amid acceptable gains in the US Dollar. In the meantime, market participants and the FX galaxy are expected to closely follow President Trump’s SOTU speech around 2AM GMT.

GBP/USD regains 1.3500 and above

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