The post Crude Oil flat with Blinken trying to ease geopolitical tensions, weekly EIA release up next appeared on BitcoinEthereumNews.com.

Crude Oil faces selling pressure, pushing Crude Oil prices back to $70.00. Traders piled into safe havens such as the US Dollar, while bonds and equities are diving lower.  The US Dollar Index looks set for more upside after breaking above 103.80 and tested 104.00. Crude Oil is erasing its efforts from its earlier two-day rally on Wednesday after the American Petroleum Institute (API) reported a larger-than-expected increase in US stockpiles. In the Middle East, Secretary of State Antony Blinken urged Israel to avoid further escalating the conflict within Iran. Blinken said in Tel Aviv that there is an opportunity for a hostage agreement, according to Bloomberg. This takes the sting out a bit from the recent developments between Israel and Iran.  The US Dollar Index (DXY), which tracks the performance of the Greenback against six other currencies, is picking up a nudge and has broken above 104.00. Markets are starting to position for the most eventful week of this financial year with the US presidential election on November 5 and the Federal Reserve’s (Fed) interest-rate decision on November 7. The King Dollar seems to be returning to the scene while traders and investors trim their exposure on bonds and equities, fleeing to the Greenback.  At the time of writing, Crude Oil (WTI) trades at $71.35 and Brent Crude at $75.30 Oil news and market movers: Blinken lands in Middle East The American Petroleum Institute (API) has reported overnight that the US stockpile change number came in at a build of 1.643 million barrels, more than the expected 0.7 million and the previous draw last week of 1.58 million barrels. The Energy Information Administration (EIA) will report its numbers at 14:30 GMT. The expectation is for a small build of 0.7 million barrels after the chunky drawdown of 2.191 million barrels a…

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Filed under: News - @ October 23, 2024 5:28 pm