Crude Oil Downtrend Resumes, AUD May Fall as Asia Stocks Decline

Asia Pacific Market Open – Crude Oil, SP 500, US Dollar, Fed, Asia Stocks, Japanese Yen

  • Crude oil prices wiped out recent gains as China stockpiled, temporary climb due again?
  • Global stock markets continued selling off as illiquidity slowly sets into financial markets
  • US Dollar resumed dominant uptrend, Australian Dollar may depreciate with Asia stocks

Check out our 4Q forecast for the US Dollar in the DailyFX Trading Guides page

As financial markets inched closer to the Thanksgiving Day holiday in the US and illiquidity slowly set in, Tuesday’s trading session was nothing short of quiet. Crude oil prices tumbled about seven percent which was the worst performance in a day since February 2016. The commodity wiped out all of the progress it made to the upside in recent sessions as it closed at its lowest in over a year.

Some of the declines in crude oil may be attributed to OPEC supply cut doubts. But, a little over an hour before the drop in the commodity accelerated, a report from SP Global Platts crossed the wires noting that Chinese oil inventories rose 416.7% in

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