Oil prices dropped early this week as northern Iraq resumed exports and OPEC+ signals a modest production increase for November, raising concerns of a widening oversupply despite elevated prices, Commerzbank's commodity analyst Barbara Lambrecht notes.
There is scope for US Dollar (USD) to test 7.1165 before the risk of a recovery increases. In the longer run, for the time being, USD is likely to trade in a range between 7.1000 and 7.1480, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
Federal Reserve (Fed) Vice Chairman Philip Jefferson said on Tuesday, “labor market is softening, could face stress if not supported.”