Oil awaits EIA numbers as it carries an 8% loss under its belt

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• Oil (WTI) steady near $83.80, down for a fifth consecutive day. 
• The US Dollar sees volatility soar with two 1% intraday moves in a row in the US Dollar Index, back flat for the week.
• Oil faces risk of falling to $80 as markets struggle to identify floor.

Oil prices are sliding lower, summing up to an already 8% decline from its peak on October 20,  as diplomacy is ruling in the escalated tensions between Israel and Palestine. Several heads of states are gathering in order to get more done on the humanitarian front in Gaza. With the pushback on the Israeli ground offensive in the region, the risk of a broad proxy war in the Middle East is decreasing by the day, which means further selling pressure in Oil prices.