Oil jumps in the green with a double headline in favor of a Crude uptick.
WTI Oil snaps above $82 after testing the pivotal level around $80.63 on Monday.
The US Dollar Index ticked below 106.00 after strong Services PMIs from France, Germany and the Eurozone.
Oil prices are recovering from a small dip on Monday, which saw Crude falling towards a key pivotal level on the daily chart. The uptick on Tuesday comes on the back of US sanctions against Iran being set to become law by next week, ratcheting up tensions again. The second supportive element comes from a setback in talks between Iraq and Turkey on resuming Oil flows from Iraq’s Kurdistan fields, needing more talks to get the pipeline operational again after being closed for more than a year.
The US Dollar Index (DXY), which tracks the US Dollar’s value against six major currencies, faces a retracement and dips below 106.00 on Tuesday. Its biggest contributor, the Euro, which accounts for 57.6% of the basket, goes against the Greenback. The Euro jumped higher after surprise beats for both France, Germany and the Eurozone’s Services Purchasing Managers Index (PMI) data for April. Although the manufacturing sector is still in contraction, markets ignored that fact and sent the Euro higher on the back of the Services strong figures.
Crude Oil (WTI) trades at $82.27 and Brent Crude at $86.73 at the time of writing.
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