Reuters

Oil edged up on Tuesday, supported by expectations that OPEC and other producing countries next week would extend output cuts.

The dollar turned broadly lower on Tuesday, moving in line with declining U.S. 10-year Treasury yields and consolidating gains from Monday in light trading ahead of Thursday’s Thanksgiving holiday in the United States.

The collapse of talks on a new German government means that the euro zone’s ambitious plans for deeper economic integration could be put on hold, euro zone officials said on Tuesday.

Sterling strengthened to an eight-day high against the euro on Tuesday as political uncertainty in Germany kept the single currency under pressure while cautious optimism around Prime Minister Theresa May’s Brexit bill offer supported the pound.

European shares opened lower on Tuesday but quickly recovered as continued faith in the underlying strength of the European economy and a synchronized global expansion overcame negative trading updates, notably in Britain.

Oil prices rose on Tuesday as traders looked to a meeting next week at which major crude exporters are expected to extend production cuts, though rising U.S. output capped gains.

The euro steadied on Tuesday after notching up its biggest fall in nearly a month in the previous session as investors shrugged aside concerns of any fallout from the German political deadlock for now.

President Donald Trump put North Korea back on a list of state sponsors of terrorism on Monday, a designation that allows the United States to impose more sanctions.

Federal Reserve Chair Janet Yellen said on Monday she will resign her seat on the Fed’s Board of Governors once Jerome Powell is confirmed and sworn in to replace her as head of the U.S. central bank.

Gold fell more than 1 percent on Monday, giving up the prior session’s gains on pressure from the rising dollar, expectations for U.S. interest rate hikes and as the market entered a holiday week.