Oil Prices Range-Bounded as Torn Between Inventory Draw and Firm USD

Strong economic indicators and easing geopolitical tensions kept US dollar firm, lifting the DXY index for a second consecutive day. Indeed, the greenback was higher against major currencies and were particularly strong against British pound (+1.02%) and Japanese yen (+0.9%), of which the weakness was driven by improving risk appetite.

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Oil Prices Range-Bounded as Torn Between Inventory Draw and Firm USD