• Crude Oil trades broadly stable, back to its opening levels from Monday after a volatile week. 
• The Libyan outage could still cause concerns about supply in the short term. 
• The US Dollar Index trades above 101.00 ahead of July’s PCE inflation release.

Crude Oil prices are afloat around $75.50 on Friday after a sprint higher on Thursday. Markets are dialing in on the Libyan political turmoil, which could result in an unforeseen shortfall of roughly 1 million barrels per day in the near term. Meanwhile, Houthi rebels have released footage of their attack on the Greek vessel, which is still burning in the Red Sea. 

The US Dollar Index (DXY), which tracks the performance of the US Dollar against a bucket of currencies, is popping back above 101.00. All eyes this Friday are on the Personal Consumption Expenditures (PCE) Price Index release for July. The core PCE element is the Fed’s favourite gauge to measure how inflation is behaving and could be the catalyst that predicts how big the rate cut in September will be.