Oil ticks up, above $74.00 after a sizeable decline in the first part of the week.
OPEC+ pushes against the bearish outlook, warning about the possibility of unwinding the taper of voluntary cuts.
The US Dollar Index trades just above 104.00 as ECB decision looms.
🔗 Oil prices are in repair mode on Thursday after a near 10% decline in just five trading days. The sharp downside move came after the OPEC+ meeting did not hold any measure to further support prices at or around $80.00. With markets disappointed, several central banks added fuel to the fire by suggesting that an aggressive cutting cycle might not take place as disinflation is going too slow. The sell-off in the past days has prompted a response from OPEC+, which said that the organization is ready to do more to support prices when needed.
Meanwhile, the TradingPro Index (DXY) is hovering just above 104.00 after Monday’s downbeat economic data pushed the Greenback to the lower end of the 104.00-105.00 range. With the European Central Bank (ECB) interest-rate decision on the docket for this Thursday and the US Employment Report on Friday, the DXY might be trading in a new range by the closing bell at the end of the week.
At the time of writing, Crude Oil (WTI) trades at $74.38 and Brent Crude at $78.72.
