EU rejected UK’s proposal to rewrite the deal on Northern Ireland, Crude oil witnessed a two-day rebound

On Wednesday, Britain demanded the EU to rewrite the deal over Northern Ireland, but the proposal has quickly been rejected by the EU. The original Northern Ireland protocol was agreed to ensure the peaceful relationship between Britain and Northern Ireland. It achieves such a goal mainly by maintaining an open border, which has inevitably created many concerns over illegal immigration. However, EU Vice President commented that, the protocol clearly could not be redrawn. GBPEUR rose after the comment, currently trading at around 1.1630, up about 0.07% since opening.

Crude oil trades above $70 after its two-day rebound, primarily driven by a drop in inventories in the US. Crude oil has been quite volatile recently, plunging on Monday over the pandemic concerns as well as the decision to increase the oil supply.