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.

 

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