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Euro plunges as vote counts rise for Italy’s 5-Star Movement

The euro lay off previous increase and plunged in the last early Monday trade as exit votes in Italian elections suggested stronger-than-expected results for eurosceptic parties as 5-Star Movement, although the bloc is falling short of an outright majority.

Euro’s value went down to $1.2309, lower by 0.1 percent after a recent gain of $1.23655, recovering further from its seven-week low of $1.21545 stirred on Thursday.

Exits polls and early vote counts implied Italy’s 5-Star Movement to assumably be the biggest single bloc by a wide margin, which its leader, Luigi Di Maio, projected as “triumph.” On the other side, former prime minister Silvio Berlusconi’s Forza Italia, which composes the center-right party as well as the far-right bloc League and Brothers of Italy, will most likely attain most seats but is currently falling a bit short of an outright majority.

Oil prices hike preceding OPEC meeting with US shale companies

Oil prices hiked first thing on Monday ahead of an upcoming meeting between the Organization of Petroleum Exporting Countries (OPEC) and US shale firms in Houston, increasing assumptions that petroleum producers will discuss global oil glut solution.

International benchmark crude increased 36 cents, or 0.6 percent, to $64.73 per barrel, same with US West Texas Intermediate (WTI) crude, which went up at 0.6 percent or 35 cents, to $61.60 per barrel.

The meeting in Houston between OPEC ministers and other global oil players during CERAWeek, the biggest energy industry  conference, will kick off on Monday. Increasing US shale production is dragging OPEC’s commitment to clear drawn-out global oil surplus and prop up prices. These American shale companies added 1 oil rig in the week ending on March 2, building up an 800 rig total, the highest since April 2015.

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