Oil prices climbed to multi-year highs in today’s session, as a result of the supply crisis currently taking place in the UK.
Fuel pumps began to dry out due to a shortage of lorry drivers, which has come as a direct result of Brexit, which has impacted the movement of truckers.
Both Brent and Crude were higher to start the week, with Brent trading at its highest level since October 2018.
This came whilst WTI Crude hit an intraday high of 75.85, which is its highest level since early July.
Gas stations across the UK have begun rationing the sale of fuel in response to the current shortage.
Euro strengthens, as social democrats edge elections
Over the weekend, Germans went to the polls, with the Social Democrats marginally coming out on top in a tightly contested election.
The left-leaning party edged out outgoing Chancellor Angela Merkel’s Conservative party, who had 24.1% of the vote.
EURUSD dropped to an intraday low of 1.1684, as it continues to hover close to multi-year lows, whilst the DAX 30 traded marginally higher.
Leader of the Social Dems Olaf Scholz said he had a clear mandate to form a government due to his party’s 25.7% victory.
Despite this, conservative rival Armin Laschet has remained determined to contest the results.
Trading any financial instrument on margin involves considerable risk. Therefore, before deciding to participate in margin trading, you should carefully consider your investment objectives, level of experience and risk appetite. Most importantly, do not invest money you cannot afford to lose. Consulting with your investment counselor, attorney or accountant as to the appropriateness of an investment in margin trading is recommended. This electronic mail message is intended only for the person or entity named in the addressee field. This message contains information that is privileged and confidential. If you are not the addressee thereof or the person responsible for its delivery, please notify us immediately by telephone and permanently delete all copies of this message. Any dissemination or copying of this message by anyone other than the addressee is strictly prohibited.
Recommended Content
Editors’ Picks
AUD/USD: Extra gains in the pipeline above 0.6520
AUD/USD partially reversed Tuesday’s strong pullback and regained the 0.6500 barrier and beyond in response to the sharp post-FOMC pullback in the Greenback on Wednesday.
EUR/USD meets support around 1.0650
EUR/USD managed to surpass the key 1.0700 barrier in response to the intense retracement in the US Dollar in the wake of the Fed’s interest rate decision and Chair Powell’s press conference.
Gold surpasses $2,300 as Dollar tumbles
The precious metal maintains its constructive stance and trespasses the $2,300 region on Wednesday after the Federal Reserve left its FFTR intact, matching market expectations.
Bitcoin price reclaims $59K as Fed leaves rates unchanged
The market was at the edge of its seat on Wednesday to see whether the US Federal Reserve (Fed) would cut interest rates during the Federal Open Market Committee (FOMC) meeting.
The market welcomes the Fed's statement
The market has welcomed the Fed statement, and the S&P 500 is higher in its aftermath, the dollar is lower and Treasury yields are falling. There is still only one cut priced in by the Fed.