Fresh pressure on oil
Normally a softer US dollar will lift oil but that's not happening today. Risk trades are negative on talk of trouble in US-China trade.
Oil is at the lows of the day with WTI down 93-cents to $56.77. I don't see a headline that's driving the latest leg lower.
Oil news today is focused on Houthi rebels in Yemen who have seized a vessel in the Red Sea. Officials from the group said it will be returned if it's confirmed that it belongs to South Korea.
On the dollar, it continues to soften and some are pointing to the Trump-Powell meeting. It was unscheduled and with the dovish turn at the Fed, some people think the President has more sway that commonly believed.
