CME Group’s flash data for crude oil futures markets note traders added around 21K contracts to their open interest positions, resuming the uptrend following Wednesday’s pullback. Volume, on the other hand, set aside two daily builds in a row and shrank by around 32.8K contracts.
WTI: Next on the upside emerges $80.00
WTI prices rebounded further on Wednesday and flirted with the key 200-day SMA around the $78.00 region. The uptick was on the back of increasing open interest, which appears supportive of the continuation of the uptrend in the very near term. Against that backdrop, prices of WTI faces the next up-barrier at the key $80.00 mark per barrel.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
AUD/USD: Further advance needs to clear 0.6300
AUD/USD added to Wednesday’s marginal uptick and came closer to the key resistance at 0.6300 on the back of the persistent offered bias in the US Dollar and the broad-based recovery in the risk-associated universe.
EUR/USD looks at PMIs for potential extra gains
EUR/USD quickly left behind Wednesday’s small decline and resumed the upside beyond 1.0400 the figure in response to the renewed downward trend in the Greenback ahead of key flash PMIs due on Friday.
Gold continues rally amid trade uncertainty
Gold extends its correction from the multi-month high it set above $2,760 on Wednesday and trades below $2,740 on Thursday. The 10-year US Treasury bond yield stays in positive territory above 4.6% after of US data, not allowing XAU/USD to regain its traction.
Bank of Japan set to raise interest rates to highest level in 17 years
The Bank of Japan is widely expected to raise the short-term interest rate from 0.25% to a 17-year high of 0.50% in January, following the conclusion of its two-day monetary policy review on Friday.
Federal Reserve set for an extended pause
After 100bp of rate cuts the Fed has signalled it needs evidence of economic weakness and more subdued inflation prints to justify further policy loosening. President Trump’s low tax, light-touch regulation policies should be good news for growth.
Trusted Broker Reviews for Smarter Trading
VERIFIED Discover in-depth reviews of reliable brokers. Compare features like spreads, leverage, and platforms. Find the perfect fit for your trading style, from CFDs to Forex pairs like EUR/USD and Gold.