CRUDE OIL EASES SLIGHTLY AHEAD OF OPEC MONTHLY REPORT
- Crude Oil resides near the low for this year after being unable to significantly bounce higher on Monday.
- Markets gear up for the monthly OPEC report, with expectations that it will disappoint markets.
- The US Dollar Index trades above 101.50, easing a touch after Monday’s rally.
Crude Oil steadies near $68.00 on Tuesday ahead of the publication of the monthly OPEC report, a key market-moving event for Oil prices. Taking into consideration the recent comments from commodity leading experts and analysts, the report should bear either a very bullish outlook or set forth some additional interventions by the OPEC cartel to prevent any further downturn in prices. The risk is that the report does not hold any measures or comments on the matter, triggering another leg down for Oil prices.
The US Dollar Index (DXY), which tracks the performance of the US Dollar (USD) against a basket of currencies, is easing a touch on Tuesday ahead of a very light US calendar. The main event will be after US markets have closed, with the first and possibly only debate between former US President Donald Trump and Vice President Kamala Harris in their race to the White House.
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