Oil intermarket: DXY softening and oil gets a break towards 200 4hr sticks

WTI has reached fresh highs just shy of the 4hr 200 sma at $47.99 and reached $47.92.

Dollar index drops back from highest level since April 2003 - UOB

The rally extended from $45.86 while the DXY had dropped back to 100.80 before making a correction and piercing back through the 101 handle albeit lacking conviction. The S&P 500 has reached a fresh high at 2196 in demand driven environment as well, positively correlated to the price of oil also.

Uncertainty around Trump coming back to the surface - Nomura

Fundamentally, the price of oil could begin to struggle again while the prospects of a production cut deal amongst OPEC members seems unlikely to come out of its meeting on November 30th.