CRUDE OIL CONSOLIDATES AROUND AT $710 AS AFTER RALLY HALTS
- Crude Oil popped higher on Thursday after intense attacks from Israel on Lebanon.
- Saudi Arabia has cut its crude oil exports in July to an almost one-year low.
- The US Dollar Index remains under pressure, trading near the yearly lows.
Crude Oil consolidates at around $71 on Friday after popping higher by nearly 3% the previous day as a peace or ceasefire deal in the Middle East seems further away than ever. Israel stepped up its offensive after the rare pager and walkie-talkie explosion with bombardments on Libanon on Thursday. The offensive is a big setback for any negotiation and puts the region back on high alert.
Meanwhile, the US Dollar Index (DXY), which tracks the performance of the Greenback against six other currencies, is under pressure near the yearly lows and could break lower now that the US Federal Reserve (Fed) has joined other countries by starting its interest rate cutting cycle. This triggered a devaluation in the DXY that could have more room to go in the coming weeks.
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