Oil rallies, tempting bears with potential opportunities [Video]

Ipek Ozkardeskaya Swissquote Bank Ltd

South Korea briefly stole the light from the French political chaos after President Yoon suddenly imposed the martial law yesterday only to lift it a few hours later. The Korean won and the stocks fell, and the volatility in broader Asian markets and cryptocurrencies was higher, but the impact remained limited, the US and European futures are set for a positive open and France could safely come back to the front of the scene with lawmakers preparing to hold a no-confidence vote today and to take Barnier’s government down.

In the US, sentiment remains cheerful and cozy at the start of December. The latest figures released yesterday showed that the job openings in October rose more than expected by analysts. Optimism rose too, though less than expected. Federal Reserve’s (Fed) Mary Daly said that there is no certainty that the Fed will cut the rates this month, but that, the option remains on the table.

In energy, US crude rallied more than 2.5% to above $70pb on news that the US will impose more restrictions on the Iranian oil exports and on chatter that OPEC is getting closer to delaying its plans to restore production by another 3 months.

Author

Ipek Ozkardeskaya

Swissquote Bank Ltd

Ipek Ozkardeskaya began her financial career in 2010 in the structured products desk of the Swiss Banque Cantonale Vaudoise. She worked in HSBC Private Bank in Geneva in relation to high and ultra-high-net-worth clients.

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