Oil sinks more than 5.5% in just three trading days.
WTI Oil tries to recover back to $80 with
The US Dollar Index holds ground above 105.50 despite bearish forces from Fed’s decision.
Oil prices recovered a touch on Thursday after athe three-day nosedive move triggered by a string of headlines which took the wind out of the Oil price. More diplomatic efforts are being pushed forward in Gaza to broker a ceasefire deal, which would ease tensions in the region. Next to that, the US Energy Information Administration (EIA) reported on Wednesday one of the biggest Crude sStockpile build ups seen in a long time.
The US Dollar Index (DXY) sees pressure building on an intermediate level at 105.50, after several attempts over the past two weeks to break below it. The level still holds though, ahead of the US Jobs report for May, to be released on Friday. The overnight Federal Reserve rate decision did not hold any big changes and Fed Chairman Jerome Powell confirmed that the Fed wants to see inflation first coming down further before considering a cut.
Crude Oil (WTI) trades at $79.26 and Brent Crude at $83.95 at the time of writing.
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