defends the previous day’s rebound from a short-term support line ahead of the monthly Oil market reports from the US Energy Information Administration and the Organization of the Petroleum Exporting Countries .
However, the US Treasury Department, Federal Reserve and the Federal Deposit Insurance Corporation undertook joint actions to tame the risks during the weekend. While reacting to the US regulators’ actions, US President Joe Biden said, “American people and American businesses can have confidence that their bank deposits will be there when they need them.”
Elsewhere, a new term for China’s President Xi Jinping keeps the Sino-American tension on the table as he said earlier on Monday that they must resolutely oppose the interference of external forces, 'split' of Taiwan. The same raised fears of less energy demand from China and the US amid a lack of activity due to geopolitical tension.