Crude Oil falling flat, and is returning less than 0.50% profit on this Thursday after headlines that Israel has already broken the ceasefire deal between in the Gaza region, Bloomberg reports. Meanwhile, the Organization of the Petroleum Exporting Countries and its allies (OPEC+) have confirmed they will postpone its upcoming Output Policy Meeting decision from Sunday to December 5. The conglomerate of Oil producers and exporters is again facing an existential crisis, with a slowdown in global demand with more non-OPEC supply to be released to markets taking place.
The US Dollar Index (DXY), which measures the performance of the US Dollar (USD) against a basket of currencies, is bouncing off a technical support level. With US markets closed on Thursday and Friday for Thanksgiving and Black Friday, the bounce of the DXY comes from Europe, where France is facing issues. The French Prime Minister Michel Barnier warned that France could become unstable if the French Parliament does not pass the much-needed budget plan, which could cause issues for France in financial markets, Bloomberg reported.
At the time of writing, Crude Oil (WTI) trades at $68.76 and Brent Crude at $72.54
Source : Fxstreet
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