WTI Oil continues its winning streak for a second consecutive day.
Oil traders are still positioned for more upside to come in the near term.
The US Dollar Index trades just below 103.00 ahead of US CPI data release.
Oil prices are trading in the green for a second consecutive day on Tuesday, with WTI Crude snapping above $78. Oil traders are staying put in their bullish calls placed last week, very much noticeable in the options market. With the monthly OPEC Report due to be released this Tuesday, more upside could be on the horizon in case current output quotas are being respected by OPEC participants.
The US Dollar, meanwhile, has pared back a fragment of last week's losses with a positive return in the US Dollar Index (DXY). The focal point for this Tuesday is the US Consumer Price Index (CPI) data, which will provide clues to traders about the trajectory of the recent disinflation trend. Expect no big moves in the DXY, though rather some tweaking in terms of pinpointing the timing of the initial rate cut from the US Federal Reserve.
Crude Oil (WTI) trades at $78.03 per barrel, and Brent Oil trades at $82.40 per barrel at the time of writing.
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