Oil traders have been kept on their toes all day Thursday.

Markets had a lot of new information to digest, resulting in oil prices being whipped about over the past few hours.

Here’s a quick recap:

Stocks in Asia were shaky on Tuesday morning following the lack of cues from Wall Street overnight due to the Memorial Day holiday in the US.

The dollar is set for a monthly decline despite rallying to levels not seen in 20 years two weeks ago!

It has depreciated against almost every single G10 currency in May with the less hawkish than feared Fed minutes keeping bulls at bay.

Markets have steadied overnight after Wall Street found a bid in another choppy session. Gains picked up in equity markets through the day, with the S&P500 and Nasdaq both posting decent returns. European bourses have opened up mildly in the green, while the dollar is trading mixed after last night’s FOMC Minutes sprang few surprises.

Global stocks edged cautiously higher on Wednesday as investors braced for the latest Federal Reserve meeting minutes.

Asian shares and US equity futures flashed red on Tuesday morning despite the rally on Wall Street overnight. Investors seem to be on edge this morning, adopting a defensive approach towards risk amid fears over the global economic outlook and concerns around inflation. These negative themes have overshadowed yesterday’s optimism offered by President Joe Biden’s comments on removing some tariffs on Chinese imports.

The EURUSD kicked off Monday on a positive note, punching through the 1.0640 resistance level after registering gains in the previous week.

G10 currencies enjoyed some reprieve against the US dollar this week, although stocks have endured another brutal selloff.

Markets are set to remain gripped by the effects of soaring inflation on companies’ bottom lines and on the performance of major economies.

US equities tumbled on Wednesday as they suffered their worst day since the early months of the pandemic in June 2020. The benchmark S&P500 fell 4% with 98% of stocks declining.