Crude Oil steady after Biden calls Gaza ceasefire permanent
US President Joe Biden calls the activated 60-day ceasefire deal as permanent.
OPEC will delay its upcoming Output Policy Meeting to December 5th.
The US Dollar Index bounces off support after traders took profit in their Greenback rally.
Crude Oil trades rather steady this Thursday with selling pressure building after US President Joe Biden called the recent active ceasefire deal in Gaza as a permanent cessation of hostilities, Bloomberg reports. Meanwhile OPEC has confirmed it will postpone its upcoming Output Policy Meeting decision from Sunday to December 5th. The conglomerate of Oil Producing and Exporting Countries (OPEC) is again facing an existential crisis with a slowdown in global demand with more non-OPEC supply to be released to markets taking place.
The US Dollar Index (DXY), which measures the performance of the US Dollar (USD) against a basket of currencies, is bouncing off a technical support level. With US markets closed Thursday and Friday for Thanksgiving and Black Friday, the bounce comes from Europe where France is facing issues. The French Prime Minister Michel Barnier warned that France could become unstable if the French parliament does not pass a much needed budget plan, and could cause issues for France on financial markets, Bloomberg reported.
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