Crude Oil under pressure after monthly IEA report
Crude Oil support is under pressure as the IEA report adds to the bearish outlook.
The monthly report from the IEA bears no change in the narrative for the 2025 outlook.
The US Dollar Index rallies further after President-elect Trump secures a majority in both Senate and House.
Crude Oil steadies and consolidates recent losses after the International Energy Agency (IEA) released its monthly report for November on Thursday. The IEA follows the Organization of the Petroleum Exporting Countries (OPEC) outlook released earlier this week and has revised down its 2025 Oil demand forecast. Another downside revision adds more conviction to a bearish outlook on Oil prices in the long term.
The US Dollar Index (DXY), which tracks the performance of the Greenback against six other currencies, extends gains and reaches a fresh year-to-date high above 107.00.
In the economic data front, the US Producer Price Index (PPI) for October is not expected to make any waves on Thursday after the US Consumer Price Index (CPI) released on Wednesday fell broadly in line with expectations. All eyes will be on the Federal Reserve (Fed) Chairman Jerome Powell speech, scheduled at 20:00 GMT, with traders looking for clues on the December interest rate cut.
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