Following the EU summit, All European nations, except the United Kingdom, agreed to the changes in the treaty, which led European leaders to come up with an intergovernmental treaty, which will include the 17 euro-area nations in addition to any EU nation that would like to join.
Traders will continue to monitor the developments from the 17-bloc euro nation and the European leader’ latest moves to contain the debt crisis, where we expect volatility to persist through the sessions this week, especially with eyes wide-opened on the European bond auctions, hoping bond yields will fall this time after European leaders agreed to drop the private sector’s involvement in the cost of bailouts needed to safeguard the Europe’s indebted nations from falling down.
Our overall outlook for crude oil prices is still bearish, where expectations of slowing global growth, in addition to uncertainty that continue to surround the outlook the European debt crisis and its impact on growth in Europe are likely to chain crude oil prices over the coming period.
Monday December 12:
The United States will kick off this week with the monthly budget statement for November at 19:00 GMT, where the budget deficit could have narrowed to $140.0 billion from $150.4 billion.
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