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U.S. crude oil stockpiles to show second weekly decline?
Market participants look ahead to a fresh batch of crude oil inventory data from the American Petroleum Institute due Tuesday.
The American Petroleum Institute reported crude oil stockpiles fell by about 6.3 million barrels for the week ended Nov. 25.
Crude oil futures have made weak start to the week easing from more-than-two year highs amid uncertainty over whether Russia will join in extending output curbs at the upcoming OPEC meeting on Nov. 30.
US monetary policy in the spotlight
Meanwhile, Fed governor Jerome Powell, nominee to replace Janet Yellen as Federal Reserve chair in February, appears before the Senate Banking Committee at 9:45AM ET (14:45GMT) Tuesday for his confirmation hearing.
Powell’s confirmation, however, is expected to have little impact on markets as the incoming Fed chair is unlikely to speak on monetary policy.
Consumer confidence and trade data form part of the top-tier economic data on the calendar for Tuesday.
The dollar shrugged off weakness to trade higher against its rivals.
Bank of England data in focus
On Tuesday, investor focus will be on the results of Bank of England’s bank stress tests, as well as the semi-annual Financial Stability report.
The financial stability report presents an outlook on the current stability of the UK financial system including the strengths and weaknesses of the system and the risks to its stability.
The report will be accompanied by a speech from Bank of England governor Mark Carney.
Ahead of the report, GBP/USD fell 0.11% to $1.3318.
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