WTI Crude Oil ended last week above the psychological $75 level per barrel at a 7-year high weekly closing price, but is steady today ahead of a key OPEC meeting. Markets will be watching key resistance at $76.36.
In the Forex market, the USD is the strongest major currency, while the EUR is the weakest. The EUR/USD currency pair is likely to see lower prices over the coming days, offering a potential short trade opportunity.
Global stock markets mostly rose Friday but have seen firm falls in Asia on the first trading day of this week, with the Nikkei 225 Index down by more than 1% in today’s trading.
The rise in the US dollar is being given a tailwind by the US debt ceiling crisis and a perception that the Federal Reserve has made a shift towards a more hawkish policy of earlier QE tapering and an earlier hike in the interest rate.
Tuesday is a public holiday in China.
Last week saw the sixth consecutive weekly fall in global new confirmed coronavirus cases after over 2 months of weekly rises.
It is estimated that 45.6% of the world’s population has received at least one dose of a coronavirus vaccination.
Total confirmed new coronavirus cases worldwide stand at over 235.7 million with an average case fatality rate of 2.04%.
The rate of new coronavirus infections appears to now be increasing most quickly in Armenia, Australia, Barbados, Belarus, Belize, Bulgaria, Egypt, Estonia, Latvia, Lithuania, Moldova, Romania, Russia, Serbia, Singapore, Slovakia, the Ukraine, and the UK.