Crude oil prices open the week on a bearish note. The recent sell-off furled by Libya's announcement that it is ramping up production and rising new coronavirus cases in Europe and the US. As a result, France and Germany have announced a return to lockdowns for at least a month.
U.S. gross domestic product surged at a 33.1% annualized rate in the third quarter, the Commerce Department said on Thursday. The data was stronger than the estimate of 32.0% and comes after a staggering decline of 31.4% in Q2.
EURO slides to the lowest level in two weeks ahead of ECB Monetary Policy Statement which is set to be released at 12:45 GMT. Along with this release will see the ECB Press Conference 45-minutes after at 13:30.
Microsoft (NASDAQ: MSFT) announced better-than-expected 2021 first-quarter financial results on Tuesday. The company’s overall revenue rose by 12% to $37.2 billion in the quarter ended September 30 Meanwhile, Microsoft shares were down 0.2% in after-hours trading after the unimpressive revenue guidance.
Crude Oil prices slipped to a 3-week low on Monday due to global demand concerns and amid fears about a resurgence in coronavirus cases. On the other hand, the recent bearish momentum fuelled by the resumption of Libya’s oil exports after the Libyan National Army announced an end to an eight-month oil blockade.