Crude Oil starts the week on the backfoot, sinking further below $75.00.
Traders see OPEC revising their growth forecasts to the downside for a third time.
The US Dollar Index orbits around 103.00 and is looking for a catalyst to move higher.
Crude Oil trades on the back foot on Monday following the release of the monthly Organization of the Petroleum Exporting Countries (OPEC) report. Events over the weekend remained rather calm, with no real big military movements from Israel in Lebanon. However, Iran confirmed this Monday that communication with the United States (US) via Oman has stopped, Bloomberg reports.
The US Dollar Index (DXY), which tracks the performance of the Greenback against six other currencies, is orbiting around 103.00 and is looking to advance. The question is whether or how it will do that with a very light US calendar this week. All eyes will then rather be on the European Central Bank decision on Thursday as the main driver to push the US Dollar, possibly higher beyond 103.00.
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