Another oil plunge

Today’s news headlines:

  • ‘Oil drops to 21-year low with storage filling as demand shrivels’ – Oil prices have plunged to fresh, two-decade lows over concerns that the world is running out of storage space. In early trading on Monday, WTI Crude fell below $15 a barrel after already losing a fifth of its value last week, despite OPEC+ agreeing output cuts. (Bloomberg)

  • ‘Government launches £1.5bn plans to help struggling UK start-ups’– The UK government will offer £500 million to high-growth companies hit by the economic crisis along with £750 million for smaller enterprises focused on research and development. The package will protect a wide range of sectors, from tech to life sciences. (Bloomberg

Today's events, rates, and data 

  • Overnight, US and European equity futures were mixed as markets prepared for a shaky earning season while US Treasury yields remained unchanged. WTI Crude plunged below $15 a barrel – harming commodity currencies such as the Canadian Dollar and Russian Ruble - on fears over limited storage space while Gold continued its slide from last week.

Today's events

A light start to the week data-wise, with Eurozone trade data expected to show a growing surplus before Canadian monthly wholesales forecast -0.2% growth.

Interbank rates:

GBPUSD: 1.2450

GBPEUR: 1.1460

EURUSD: 1.0860