• Crude Oil edges lower due to concerns that the US Oil market might be glutted. 
• Headlines risk in Russia and Ukraine point to further escalation. 
• The US Dollar Index recovers from Monday’s low amid safe-haven inflows. 

Crude Oil price slides lower on Tuesday after a key gauge on the US Crude market signaling a substantial glut taking place for the first time in nine months. The spread in price between Oil futures contracts for immediate deliveries against those a month later is trading negatively for the first time since February and is an important sign of a bearish market outlook as it suggests sellers need to lower their prices in order to get rid of their inventory by the time the next supply comes in.  

The US Dollar Index (DXY) pares back Monday’s losses, driven by headlines of risk in Ukraine and Russia. Russian President Vladimir Putin has signed a decree approving changes to Moscow’s nuclear doctrine, allowing the usage of nuclear weapons in Ukraine should the country target Russian installations within Russian borders. Ukraine, meanwhile, has pressed ahead and has launched its first ATACMS (Army Tactical Missile System) missiles into Russia, Bloomberg reports, citing local sources. This triggered some safe-haven inflows into the US Dollar (USD) and the Japanese Yen (JPY).