Oil soars on hopes of an OPEC deal, the dollar weakens, global markets rise, and ECB President Mario Draghi speaks to the European Parliament. Here are four things to know in the market on Monday, November 21.
1. Oil Soars on Hopes of an OPEC Deal
Oil climbed to a three-week high on Monday after Russian President Vladimir Putin said he sees a high probability of OPEC coming to an agreement to curb oil production.
Putin spoke at a news conference in Lima on Sunday, and stated that Russia would agree to freeze its output at current levels.
Oil prices were up by nearly 5% last week amid hopes that the top global oil producers would agree to a production freeze.
Brent crude climbed 1.88%, adding 88 cents to trade at $47.73 a barrel. U.S. crude was up 87 cents to $47.23 per barrel.
2. The Dollar Weakens
The dollar’s rally puttered out on Monday as the currency weakened. In the previous session, the currency reached its highest level in 14 years against other major currencies.
The dollar index was down 0.35% to 101.06 after climbing to 101.54 on Friday.
The greenback weakened against the yen, falling to 110.69. The euro gained 0.45% to 1.0637.
3. Global Markets Rise
U.K. and European stocks were mostly higher in mid-morning trade. Asian shares were also higher, with the Nikkei climbing to a 10-month high.
Futures pointed to a higher opening in U.S. stock markets ahead of the Thanksgiving trading week. Markets will be closed on Thursday and will close early on Friday.
4. ECB President Mario Draghi Speaks to the European Parliament
Mario Draghi, ECB President, will testify before the European Parliament on Monday about the central bank’s Annual Report.
Investors will be looking for clues as to whether the ECB will consider boosting monetary stimulus at its meeting in December.
