· Oil prices slide amid fears of supply boost, weaker demand
Crude oil prices skidded on Monday, under pressure from expectations of higher supplies and weakening demand.
Brent crude futures fell 58 cents, or 0.7%, to $81.59 a barrel, as of 0151 GMT. U.S. West Texas Intermediate (WTI) crude lost 58 cents, or 0.7%, to $80.21 a barrel.
· Dollar eases from 16-mth high as market seeks clues on Fed policy
The dollar eased back from near an almost 16-month high versus major peers on Monday, as traders awaited fresh clues on the U.S. economy after bringing forward bets last week for a Federal Reserve interest rate hike on the back of red-hot inflation.
The dollar index, which measures the currency against six peers, eased 0.13% to 95.012 from Friday, when it posted its biggest weekly gain since mid-August and touched 95.266 for the first time since July 2020.
Investors will also be watching any comments coming out of a virtual summit between President Biden and Chinese leader Xi Jinping, set for Tuesday morning Beijing time and Monday evening in Washington, with relations between the world’s two largest economies strained over a range of issues.
Otherwise, the main event on the U.S. economic calendar this week will be Tuesday’s retail sales data, particularly after a survey on Friday showed consumer confidence unexpectedly plunged to a decade low in early November as high inflation hit sentiment.
The euro added 0.13% to $1.1457, but still within sight of Friday’s 16-month low of $1.1433.
Later on Monday, ECB president Christine Lagarde will speak before the Committee on Economic and Monetary Affairs of the European Parliament.
The dollar slipped 0.06% to 113.845 yen, consolidating around 114 since Wednesday.
Reference: CNBC, Reuters
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