Crude Oil ticks up as geopolitical tensions trigger supply concerns

Crude Oil edges higher for a third day in a row backed by geopolitical tensions. 

Headlines risk in the Russia and Ukraine war points to further escalation ahead. 

The US Dollar Index recovers with traders bracing for Nvidia earnings after the US closing bell. 

Crude Oil prices are ripping higher for a third day in a row on Wednesday, getting close to the $70 round level,  as geopolitical tensions – namely the escalation in the war between Russia and Ukraine – take over market sentiment to the detriment of stockpile data. 

That element became very clear after the release from the American Petroleum Institute (API) US stockpile data on Tuesday, which showed a big buildup of 4.753 million barrels. Such a big increase in inventories should weigh on Oil prices, but markets largely ignored the data due to headlines pointing to increased tensions between Ukraine and Russia.

Meanwhile, the US Dollar Index (DXY) is edging up slightly with all eyes towards Nvidia earnings later on Wednesday. Equities are on the front foot and the US Dollar is also supported. Traders will also hear comments from four Federal Reserve (Fed) officials.