Investors have arrived in full force to exploit the opportunity to sell the euro at its highest level since November 2016, with the EUR/USD now appearing at risk to dropping back below 1.09 after briefly climbing above 1.10 when the markets opened for the week following confirmation of Macron becoming the new President of France.
Crude oil sold off in what has become an epic collapse and approaching the price area where shale output could be in trouble. After weeks of oil failing to see substantial draws in U.S. inventories, demand fears and technical pressures began to build.
OPEC and non-OPEC oil producers look likely to extend their agreement to limit supplies beyond its June expiry to help clear a glut, three OPEC delegates said on Thursday, downplaying the chance of additional steps such as a bigger cut.
Crude oil prices are under pressure as rising U.S. oil output and fears that Libya and Nigeria are getting back into the game. At the same time, the slow drip on oil prices is putting prices into oversold territory.
Crude oil prices are conflicted after a potential Libyan deal to share power from rival factions drove prices close to yearly lows against some strong signs that U.S. oil and petroleum supplies may have peaked out. Petro market prices came into session yesterday in a weak technical position as talk of more supply out of Libya and a report that seemed to suggest a drop in OPEC compliance last month drove the bearish market mood.