CRUDE OIL FAILS TO HOLD ABOVE $71.00 WITH POSSIBLE CEASEFIRE TALKS AT HAND
- Crude Oil dips back to $70.00 as markets price in a fresh string of events in Israel.
- US Secretary of State Blinken’s diplomatic efforts could result in ceasefire talks.
- The US Dollar Index finds support at 104.00 ahead of US Durable Goods.
Crude Oil price consolidates on Friday on headlines that US Secretary of State Antony Blinken might be able to get both Israel and Iran at the table for ceasefire talks. The Biden administration is stepping up efforts to broker a ceasefire deal in light of the US presidential election on November 5. A breakthrough would be a win for the Biden administration, for the Democrats, and for Kamala Harris’s chances of becoming President.
The US Dollar Index (DXY), which tracks the performance of the Greenback against six other currencies, is consolidating on Friday after profit taking on Thursday and ahead of the US Durable Goods data for September and the University of Michigan final October reading. It is important where the DXY closes this Friday, as it will determine if the DXY can rally further next week on the back of uncertainty on the US presidential election outcome.
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