STARTRADER Monday’s Market Update 12-06-2023

Oil prices declined today ahead of a meeting of the Federal Reserve as investors try to gauge the inclinations of the US central bank regarding interest rate hikes. Concerns about fuel demand in China and increased Russian crude supplies have also impacted the market. The price of West Texas Intermediate crude dropped to $69.93 per barrel.

The World Bank expects a slowdown in economic growth in the Eurozone to 0.4% this year. Official data has shown that the Eurozone economy has officially entered a phase known as technical recession in the first quarter of this year. The gross domestic product of the Eurozone contracted by approximately 0.1% in the first three months of 2023.