• WTI Oil recovers on Friday towards $80 on a positive demand outlook.
• Oil traders are betting on a pickup in demand as interest-rate cuts should spur economic growth. 
• The US Dollar Index fell below the 103.00 level, trading in the mid-102.00s ahead of NFP. 

Oil prices are increasing on Friday, looking again at the $80 level, as investors seem to bet on an improved demand outlook. The move comes after dovish comments from US Federal Reserve Chairman Jerome Powell, who said in a two-day hearing in Congress that the Fed is ready to cut interest rates. Lower rates are likely to spur economic growth, and this could mean more demand for Oil.

The US Dollar, however, didn’t like this message. The US Dollar Index (DXY), which tracks the Greenback against a basket of foreign currencies, fell sharply on Thursday. . With the US Dollar weakening, Oil prices have room to rise in the correlation between the Greenback and the commodity. Should the US Nonfarm Payrolls (NFP) number this afternoon trigger another round of US Dollar weakness, Crude could close off this week above $80.