EU Leaders Agree to UK’s Brexit Deal | Oil Prices Stabilize
Published November 26, 2018
European leaders have given the green light to an agreement which would allow the United Kingdom an orderly withdrawal from the European Union. Prime Minister Theresa May now faces the arduous task of winning parliamentary backing which is set to vote on it next month.
Saudi Arabia raised oil production to an all time high in November to help cool oil prices and address a supply shortage, as US President Donald Trump piled pressure on the kingdom to refrain from production cuts at an OPEC meeting next week. WTI oil prices steadied around $51.75 a barrel, recovering from some of the previous session’s fall.
Italian government bond yields briefly fell to two-month lows after Italian Deputy PM Matteo Salvini hinted at the possibility of tweaking the country’s deficit goal for next year, a move that could open negotiations between Rome and Brussels to avoid a disciplinary procedure against Italy.
President Donald Trump has threatened to close the border between Mexico and the US “permanently, if need be,” and suggested Mexico send the asylum-seeking migrants “back to their countries.” Trump made the threat a day after a group of migrants attempted to enter US illegally by rushing through the border crossing.