Yesterday, US markets rallied at the open as oil prices rebounded slightly. However, the commodity failed to hold onto gains and fell back down, reigniting bearish sentiment.
Asian markets declined across the region. The Nikkei lost 2.01%, reaching a 6 week low. The Yen strengthened following the reelection of the current government, led by Prime Minister Abe and investors welcomed stability.
European markets are mixed today due to a number of factors. Investors are selling off riskier assets as they focus on oil prices and watch the Ruble’s collapse following the interest rate hike to 17%.
Oil reached a new 5 year low as OPEC made no indication that they would cut production despite the price dropping far below $60/barrel. Separately, the UAE Oil minister stated that OPEC would not cut production until the price falls as low as $40/barrel. The price is now rebounding slightly after positive data from across Europe. Traders should focus on inventory data from the API which will be released at 9:30pm GMT.
Gold dropped strongly but has since regained all losses as traders anticipate the FOMC meeting and its statement on Wednesday. Russia’s decision to hike rates has also brought uncertainty into the market increasing demand for safe haven assets.
Talk to us to get get FREE signals and start earning now: 
Other top stories:
4 Tips for Today's Trading - 16/12
The Importance of Diversification
How I Made Over $30,000 a Year by Investing in Binary Options
Follow us and SHARE this story on Facebook/Twitter:
