Impressive intraday reversal for WTI crude oil futures, which fell to $73.60/bbl,its lowest level in eleven months, earlier on growth concerns connected to China. By the close of the cash session, WTI crude oil futures rose 0.7% to $77.17/bbl, helped presumably by some short covering activity and speculation that OPEC+ could consider a production cut at next week’s meeting.
Crude oil retreated in reaction to the news from China,but rallied off that level amid speculation that OPEC+ will entertain the idea of a production cut at its next meeting.
The greenback faced pressure in early action but rallied as the day went on. The early weakness briefly pressured the U.S. Dollar Index past its 200-day moving average (105.37) to a level not seen since mid-August, but the index eventually climbed 0.7% to 106.67, climbing above Friday’s high (106.42).