European markets showing stains of commodity sell off | BOE rate decision Under focus | Glencore announced debt cut
The sentiment in the European session is painted by the negative tone which was set by Wall Street last night. The general theme is red among the European indices- thanks to the falling oil price. The WTI popped higher yesterday on the back of crude inventory data, but the move was very much short lived and the price continued its path of least resistance. Later today, we will also get the fresh data out of OPEC and traders will be looking very closely at one element, which is who leading in terms of market share and how hostile they are. Iraq without any doubts, has been forceful recently and Saudi Arabia has occupied the top spot as the biggest producer of oil to the Chinese buyers.