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Prices of oil merely moved due to rising United States oil production, still hovers near their highest since 2015

Prices of oil managed to go higher. The international benchmark, Brent crude futures, traded at $67.78 per barrel, which is 0.2% or 16 cents higher. Meanwhile, United States West Texas Intermediate crude futures settled at $61.73 which is 0.5% or 29 cents higher compared to their previous settlement. Both Brent and WTI still hover near their highest levels since May 2015 capped last week.

Ric Spooner, chief market analyst at CMC Markets in Sydney,  claim that traders should exercise caution while waiting for indication regarding U.S. rig count and stockpile levels over the next couple of months. 

British pound soared to three-week high against the single currency

Lifted by a cabinet reshuffle that eased a little the political uncertainty in Britain, the pound was able to hit a massive three-week high against the euro on Monday. The pound traded at 88.27 pence, which is approximately 0.05% higher from the currency’s previous settlement.

Analysts as well as investors are still worried about the well-being of the Sterling in the next couple of months. The Brexit may generate future political instability that may take its toll on the British currency.
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