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Oil Price Slumps | Brexit Deal “Within Touching Distance”

Published November 13, 2018
  • WTI crude oil prices tumbled as low as $58.24 after US President Donald Trump criticized Saudi Arabia’s plan to cut output. The decline marks a record 11th consecutive session drop, the most since the contract began trading, according to data from CME Group.
  • A Brexit deal could still be reached within the next 48 hours in time to trigger an emergency November summit, the prime minister’s de-facto deputy David Lidington has said, while warning that progress is not at all definite.
  • Italy’s government may offer the European Commission a minor concession when it resubmits its budget after an unprecedented rejection last month. The populist administration may admit its 2019 spending plans will have a smaller economic impact than previously projected and cut its growth target to as low as 1.3 percent from 1.5 percent.
  • In her first remarks as a monetary policy maker, Federal Reserve Bank of San Francisco President Mary Daly said that she favours continued gradual interest rate increases as the labour market overshoots full employment and inflation comes in near goal. She will vote on interest rates at the Federal Open Market Committee’s Nov. 7-8 meeting.