Oil Prices Fall To Lowest Since Late 2017

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1. Oil Prices Fall To Lowest Since Late 2017
Oil prices plunged to their lowest levels since late 2017 on Friday in choppy trading, weighed down by an emerging crude supply and a bleak economic outlook. To counter rising supply, the Organization of the Petroleum Exporting Countries (OPEC) is expected to start withholding output after a meeting planned for Dec. 6. International benchmark Brent crude oil futures (CL_BRENT) fell to their lowest since December 2017 at $61.88 per barrel as of 8:30 GMT while U.S. West Texas Intermediate crude futures (USOIL) slumped 2.5 percent, to $53.24 a barrel.*

2. All Eyes On EUR/GBP Today
EUR/GBP started the day steady at 0.8861 on Friday morning but the pair could see significant volatility later within the day as investors focus on the latest Brexit developments. Traders are still waiting for more clarity around the Brexit deal as it faces a rocky ride once it reaches a deeply divided British parliament. It is important to note, that investors are currently cautiously optimistic about the draft declaration agreed by the United Kingdom and the European Commission which outlined how the trading relationship, security and other matters will work once the divorce is finalized.**

3. Tesla Tumbles After Company Slashes Prices In China
Tesla is slashing prices in China for the second time this year, taking a bigger hit from the country’s trade war with the United States in a bid to protect sales. The electric carmaker announced Thursday that it will slash prices of its Model S sedan and Model X SUV by between 12% and 26%, even though higher Chinese tariffs on US autos have made it more expensive to import cars. The announcement caused TSLA share prices to plummet 2.68 percent to finish the day at $338.19 .***

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*Source: Forbes, Nov 23, 2018, 6:25 AM GMT
**Source: Reuters, Nov 23, 2018, 4:16 AM GMT
***Source: CNBC, Nov 23, 2018, 3:03 AM ET

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