Crude Oil finds support after hurtful two-day price action
- Crude Oil consolidates on Thursday after a two-day painful correction.
- Markets are left clueless about the outcome of the Biden-Netanyahu phone call on Wednesday.
- The US Dollar Index rallies higher this week ahead of the US CPI release later this Thursday.
Crude Oil has found support and edges higher on Thursday after a two-day correction that erased nearly 5% of recent gains. Traders are left clueless, though, with no clear comments after US President Joe Biden had a phone call with Israel Prime Minister Benjamin Netanyahu on Wednesday. Meanwhile, Hurricane Milton hit the Florida peninsula and decreased power, though it is possible to see supply disruptions and extended delays until the oil production in the region could restart.
The US Dollar Index (DXY), which tracks the performance of the Greenback against six other currencies, is rallying again this week. The main driver is the US Treasury rates, which are moving higher ahead of the US September’s Consumer Price Index (CPI) release this Thursday. Markets are starting to doubt if the US Federal Reserve (Fed) is really in a rate-cutting cycle, with expectations of no more bigger rate cuts this year starting to grow.
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