• Crude Oil is stuck in a tight range while the $71 level gets broken up. 
• Traders digest Donald Trump’s victory, while concerns about Chinese demand are reemerging. 
• The US Dollar Index seems to have found a floor after Fed Chairman Powell said he is committed to finishing his term. 

Crude Oil dips slightly on Friday but remains within the tight range it has been trading in the past four days. The market euphoria following President-elect Donald Trump’s victory appears to be fading as energy markets shift their focus to China, where the prospect of higher US tariffs could continue to hurt growth even more in the context of already sluggish demand for Oil. This could mean even less demand than already forecasted for 2025.

The US Dollar Index (DXY), which tracks the performance of the Greenback against six other currencies, has found support after markets were reassured by Federal Reserve (Fed) Chairman Jerome Powell. Not only did the Fed deliver its 25 basis points (bps) rate cut, but Powell said as well he is not going anywhere. This might take away some uncertainty on whether Powell would finish his remaining two years at the helm of the Fed after Trump’s victory cast some doubts over Powell’s future.