On Monday crude oil pared some of its losses from earlier after U.S. President Donald Trump signed a $2.3 trillion coronavirus aid and spending package but lingering worries about near-term demand weighed on market sentiment.
European Union assessments of whether to grant market access for banks and other financial firms from UK will not be completed in time for January and stop-gap measures are being considered, an European Union diplomat said on today.
The Federal Reserve’s $3 trillion bid to stave off an economic crisis in the wake of the Covid-19 outbreak is fuelling excesses across United States capital markets. The U.S. central bank has pledged unlimited financial asset purchases to sustain market liquidity, increasing its balance sheet from $4.2 trillion in February to $7 trillion today.
Crude oil prices rose around 1% today, adding to gains in the previous session, after OPEC producers and allies promised to meet commitments on cutting supply and two major crude oil traders said demand was recovering well.
A new law of European Union requiring closer scrutiny of foreign clearing houses used by customers from the bloc has been simplified after the United States threatened retaliation.
On Wednesday South Korea will announce measures on to ease U.S. dollar funding shortages in its local market, two government officials familiar with the matter told news agency. The measures will aim to address heightened funding stress involved with the rising cost of raising U.S. dollar funds in Korean financial markets, officials said on Tuesday, without elaborating.
Crude oil prices are likely to hover around $63 a barrel next year, a Reuters poll showed on Tuesday, benefiting from deeper production cuts by OPEC and its allies, and hopes that a U.S.-China trade deal could jumpstart economic growth.