Crude Oil finds support as market focus shifts back to supply
- Crude Oil consolidates after a downbeat Tuesday with more than 4% losses.
- Markets are assessing the situation in the Middle East, and President Biden is set to speak to Israel’s Prime Minister Netanyahu.
- The US Dollar Index swings up and recovers initial weekly losses.
Crude Oil finds some support and stabilzes on Wednesday after over 4% correction the previous day when Israel refrained from responding firmly to the recent attacks from Iran. Israel has been halted by United States (US) President Joe Biden, who asked not to attack Iranian oil fields and vital infrastructure. With a call between US President Biden and Israel’s Prime Minister Benjamin Netanyahu later this Wednesday, a risk for a large strike is still a present danger that could get priced in very quickly.
The US Dollar Index (DXY), which tracks the performance of the Greenback against six other currencies, is recovering its earlier poor performance from the beginning of this week. On Wednesday, markets await the publication of the September meeting's Federal Open Market Committee (FOMC) Minutes, as traders will be able to get more information on the main drivers for the big 50 basis points rate cut and what this could mean going forward.
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