December 1, 2022

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Oil up over 2% on broader risk optimism, softer dollar

1 min read

Oil looks to snap seven-day loss streak

Oil D1 23-08

WTI crude is up a little over 2% on the day now as the market is focused on expectations ahead of Jackson Hole to kick start the new week.

The symposium is going virtual and that is giving credence that the Fed is unlikely to signal any imminent shift in the taper narrative for the time being.

Risk trades are taking comfort in that and the dollar is weaker to start European trading.

Oil is also capitalising on that sentiment, looking to snap a seven-day losing streak. The bounce also comes as price nears support from the May lows below $62.

There is still much to do for buyers in order to convince of a more solid return to the upside but at least for now, stopping the bleeding is always a good thing.

Likewise, the same can be said for broader risk trades as we get the week underway.

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