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\n Share:<\/span><\/p>\n West Texas Intermediate (WTI), the US crude oil benchmark, snaps two days of losses and climbs 0.55% late in the New York session. News that Russia\u2019s lifted a fuel export ban capped the ongoing fally, while global economic headwinds threaten to dent demand.<\/p>\n At the time of writing, WTI is trading at $82.85 per barrel and posting minimal gains of 0.40%. Oil\u2019s uptick is attributed to broad US Dollar (USD) weakness, sparked after Greenback\u2019s buyers booked profits ahead of the weekend. Consequently, the US Dollar Index<\/a> (DXY), which measures the buck\u2019s performance against its rival, posts weekly losses of -12% halting its 12-week rally.<\/p>\n Although the latest raft of US economic data<\/a> was US Dollar-supportive, an overextended uptrend suggested the buck was headed for a mean reversion move. US job growth rose by 336K in September, as revealed by the Department of Labor, smashing estimates and the previous month\u2019s data.<\/p>\n Meanwhile, Federal Reserve officials remain muted regarding the US Nonfarm Payrolls<\/a> report, which justifies the need for higher rates. But San Francisco\u2019s Fed<\/a> President Mary Daly said, \u201cThe recent rise in Treasury yields is doing some of the work for the Fed, and if that doesn’t reverse and inflation continues to cool, the Fed can leave rates on hold.\u201d<\/p>\n In the meantime, Russia\u2019s lifted its ban on diesel exports for supplies delivered to ports by pipeline, cushioning WTI\u2019s advance as supply increases.<\/p>\n\n
Oil prices find respite as Russia lifts export bans, US Dollar retreats.<\/h2>\n