Oil prices are sliding nearly 2% on Friday with the United States hitting fresh highs in Oil production, added with Iraq announced the reopening of a refinery that was closed for a decade and amid expectations that OPEC+ countries won’t opt for big production cuts. President Of Rapidan Energy and former White House official Bob McNally said that OPEC+ said on Bloomberg that the group of Oil-producing countries will likely need to extend its voluntary production cuts beyond the first quarter of the year, but that any further big cuts in supply aren’t expected.
Meanwhile, the US Dollar Index (DXY) is retreating for the week, consolidating its losses. The Greenback is losing ground as equities are having a field day, with several indexes trading at fresh all-time highs. Traders look to next week, when nearly every day features a big market-moving data point which has the potential to move the needle for the DXY US Dollar Index.
Meanwhile, the US Dollar Index (DXY) is retreating for the week, consolidating its losses. The Greenback is losing ground as equities are having a field day, with several indexes trading at fresh all-time highs. Traders look to next week, when nearly every day features a big market-moving data point which has the potential to move the needle for the DXY US Dollar Index.
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