Oil prices plummeted during today's session as the OPEC meeting for deciding about cut output, pushing US crude hit its lowest level since Nov. 30 at $ 50.23 a barrel. OPEC members temporarily agreed to cut production pending Russia to determine how much production would be cut.
Oil prices have fallen rapidly since October from a four-year high of $ 76.87 a barrel, expectations now are that production will be cut at today's meeting between 1 and 1.4 million bpd. Oil is currently trading at $ 51.90 and could see a rise to $ 54 if the amount of the cut is agreed.
The US dollar remains under pressure as concerns about the US economy slide into recession and US-China trade tensions continue, as US bond yields fall below 3% for the first time since mid-September.
The dollar fell against a basket of currencies to its lowest level in 3 days, after uptrend line was breached on the daily chart, and with stabilizing below it will put more pressure on the US Dollar and we may see further falling breaking the levels of 96.
The markets are looking at US employment data on Friday, as well as the Fed's latest meeting this year to see the central bank's guidance in the New Year, with expectations for a slower interest rate hike pace in 2019.
The British pound is also under pressure as the British parliament approaches the Brexit vote on the Dec. 11, and British Prime Minister Theresa May is struggling to pass the Brexit deal through parliament amid fierce opposition.
The Pound was able to rise for the second day in a row trading at 1.2780 after stabilizing higher than strong support level at 1.2675.
