• Crude Oil edges up slightly towards $70 after extending losses on Wednesday. 
• OPEC is close to striking a deal to delay its production boost in order to support Oil prices.   
• The US Dollar Index trades just above 101.00 amid renewed downward pressure. 

Crude Oil pops higher on Thursday, near 1% on the day, amid headlines that  OPEC has a deal within reach to delay the foreseen production normalization. The initial plan for the Oil cartel was to boost production by 180,000 additional barrels per day in October, but the recent downbeat demand outlook could put prices on a further downward trajectory if OPEC opens the floodgates too soon and too quickly. 

The US Dollar Index (DXY), which tracks the performance of the US Dollar against a basket of currencies, is falling towards 101.00 after the US JOLTS Job Openings data on Wednesday suggested labor market conditions are easing quickly. Not only the previous month’s numbers were revised downwards, but also the actual July number came in far below 8 million. In this scenario, markets are starting to price in more rate cuts from the US Federal Reserve (Fed), weighing on the US Dollar.