FXstreet.com (Barcelona) - The crude contract for November delivery surged nearly $3.00 over NY yesterday on political turmoil in Europe as well as further greenback weakening. This morning however, the US dollar has slightly rebounded against major rivals helping to weigh on the front-month crude contract which currently trades at $83.37/barrel, a loss of around $0.40 since open.
While movements in the US dollar continue to directly influence the price of crude futures, forecasts for rising inventories in the US also put pressure to the downside. The EIA will officially report on crude stockpiles on Wednesday, yet expectations are that supply rose for a second straight week by 1.6 million barrels over last week.
