Oil weakens, but the commodity is still relatively strong

Oil prices some its strength compared to the rally recorded in the previous trading sessions as analyst warned about declining correction. Nevertheless, oil is still stands on a firm ground due to OPEC's tightening supply and strong global demand

Brent Crude futures were being trading at $69.23 per barrel, 8 cents higher than the previous close but a few pips lower  compared to the record high of $69.37 earlier in the day. U.S. West Texas intermediate crude was last seen trading at $63.84 per barrel, which is down from a high of $63.89 recorded earlier in the session. The benchmark went higher by 11 cents from their last close.

Cryptocurrencies experienced a $200 wipe off

Cryptocurrencies experienced a $200 wipe off on their global value at the peak of the recent sell-off. The total market value of all digital currencies stood at $653.8 billion in London according to data that was released by the CoinMarketCap, which is a website that tracks the performances of different cryptocurrencies.

Bitcoin might be heading for a downward slope as in the previous week South Korea’s Justice minister said that his ministry was preparing a bill that would ban cryptocurrency trading in the country. It is still unknown whether South Korea will be able to significantly affect the digital currency market. Still, investors are a little concerned about South Korea's policy regarding digital currencies.

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