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.