For the first time in a week, oil fell due to the slowing global economy that took more prominence over geopolitical tensions. With this happening, investors are waiting for clues on the Federal Reserve’s rate-cut path.
Despite Futures in New York losing 0.3%, it declined as much as 0.6% on Monday. The Fed Chairman, Jerome Powell is scheduled to testify to Congress on Wednesday & Thursday.
The chances of resolving this trade dispute between the US and China appear low for this term. Investors are anxiously hoping that monetary stimulus will be granted to revive consumption.