Crude Oil jumps above $72 as China issues cash injection, UN assembles
- Crude Oil pops and tests above key level of $72 after China issues chunky financial injection.
- Florida braces for potential Tropical Cyclone Nine.
- The US Dollar Index steadies despite a surge in US yields.
Crude Oil pops higher on Tuesday after the Chinese government launched a 500 billion Yuan (CNY) stimulus plan to reboot its economy. This liquidity injection plan should boost Chinese demand again for Crude Oil. Meanwhile, the geopolitical front is supporting a higher Crude Oil price even with the United Nations (UN) having an emergency assembly later this Tuesday after the intense strikes in Lebanon by Israel over the past few days.
The US Dollar Index (DXY), which tracks the performance of the Greenback against six other currencies, trades sideways even though the uprising in yields, with, for example, the US 10-year Treasury at a fresh September high near 3.79%. The DXY is stuck again in the tight range where it was for most of September and looks unable to move away from it.
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