Crude Oil edges up, in second consecutive attempt to overcome $70

Crude Oil edges higher as Russia responds to Ukraine’s missile attacks by launching an intercontinental ballistic missile for the first time in the war.  

The Russian missile attack targeted critical infrastructure in the city of Dnipro.

The US Dollar Index is being fueled by safe-haven inflows, though it faces resistance.

Crude Oil prices are trying to break above $70 for a second consecutive day, fueled by headlines that Russia has launched a ballistic missile into Ukraine for the first time in the war, Bloomberg reports. On Wednesday, Oil already tried to overcome the round $70 level, but failed to do so after headlines emerged that both Ukraine and Russia are willing to hold talks to resolve the current stalemate situation. Any headlines pointing to this possibility could trigger a knee-jerk reaction for Oil prices. 

Meanwhile, the US Dollar Index (DXY) is flat, supported by safe-haven inflows on the back the war between Ukraine and Russia. On the other hand, New York Fed President John Williams delivered dovish comments,  saying that inflation is set to decline further and interest rates should head lower as well. All this together, coupled with disappointing Nvidia earnings overnight, sees the DXY US Dollar Index not really going anywhere.