• Crude Oil resides near the annual low after being unable to significantly bounce higher on Monday. 
• Markets struggle to digest the OPEC report, which might be too optimistic about the demand for 2025.
• The US Dollar Index trades below 101.50 after Kamala Harris was called for victory in the overnight presidential debate. 

Crude Oil’s price jumps near 1.5% and recovers above $66.80 on Wednesday. The positive trading day is very welcome for the much-battered commodity, which at one point faced nearly 10% losses for September and reached its lowest level since May 4, 2023,  on Tuesday. The decline to $64.75 unfolded after the latest monthly Organization of the Petroleum Exporting Countries (OPEC) report showed on Tuesday that the OPEC was very positive on its demand forecast and mentioned that only a few ten thousand barrels per day reduction would be enough to limit oversupply and meet forecasted demand. 

The US Dollar Index (DXY), which tracks the performance of the US Dollar (USD) against a basket of currencies, is easing since Vice President Kamala Harris was labelled victor in the overnight presidential debate against former US President Donald Trump. However, the focus is shifting to the US Consumer Price Index (CPI) release for August. The number bears a big importance, with markets still unsure whether to lock in a 25- or 50-basis point interest rate cut from the US Federal Reserve (Fed) next week.