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Global Market Cautious Amid US Political Uncertainty | Oil Prices Drift Lower

Published December 24, 2018
  • The US government shutdown enters its second day with no end in sight to resolving this bitter budget battle. President Trump’s budget director and chief of staff said the partial US government shutdown could continue to January 3rd when the new Congress convenes and Democrats take over the House of Representatives.
  • Oil prices dropped further as worries over rising US supplies and the global economic slowdown overshadowed signals from OPEC that it may extend or even deepen the current cut in oil output by 1.2 million barrels per day. WTI crude prices have hit a low of $44.67.
  • President Trump has privately discussed the possibility of firing Federal Reserve Chairman Jerome Powell; his frustration with the central bank chief intensified following this week’s interest-rate hike and months of stock-market losses, two sources familiar with situation said on Saturday.