24.11. Oil volatility and the rising U.S. dollar

News for today, November 24:

European stock markets are expected to open slightly higher on Wednesday, recovering from sharp losses in previous sessions as investors digest a surge in Covid-19 cases in the region ahead of key economic data. The U.S. dollar rose slightly in Asia, having calmed down after a sharp rise the day before caused by the reappointment of Jerome Powell as chairman of the U.S. Federal Reserve. In contrast, the New Zealand dollar fell after a smaller-than-expected rate hike by the Reserve Bank of New Zealand (RBNZ).

Oil prices largely held their ground Wednesday, as investors were sceptical about the effectiveness of the U.S.-led coordinated release of oil reserves and turned their attention to the next move by oil producers, with OPEC holding its meeting next week. Brent crude futures fell 7 cents, or 0.1%, to $ 82.24 a barrel by 04:32 GMT, climbing 3.3% on Tuesday. US WTI crude oil futures rose 10 cents, or 0.1%, to $ 78.60 a barrel, after rising 2.3% the previous day.

The price of Brent crude is at the moment $ 82.40 per barrel, WTI — $ 78.64. EUR/USD is at 1.1246, GBP/USD — 1.3372, gold is at $ 1,793.15 per ounce.­­­­