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Oil Price Surges | Euro Steadies Amid Mixed Election Results

Published May 27, 2019
  • WTI prices rose this Monday but are trading below $60 per barrel as concerns over the US-China trade dispute and weak global economic outlook offset support from ongoing supply cuts led by OPEC.
  • Euro is stable around 1.1200 against the greenback amid mixed EU elections in which mainstream parties lost ground to both centrist and extreme ones. Overall, the euro is trading in a thin range due to holidays in the US and the UK.
  • During a four-day state visit to Japan, President Trump highlighted a tremendous imbalance of trade between the US and Japan and that the two countries were working to bridge the gap. Trump also acknowledged that a trade announcement would most likely be released in August, without elaborating on the details.