• Crude Oil further declines, breaking below the psychological $70.00 level. 
• Traders still see concerns over Chinese demand and OPEC’s impasse as key issues leading to oversupply. 
• The US Dollar Index jumps after President-elect Donald Trump enlarged his victory. 

Crude Oil slides by more than 1% on Monday, piling on Friday’s losses and within touching distance of a seven-day low, ahead of the publication of the monthly OPEC report on Tuesday. Traders are already writing off the report as a non-event after OPEC already sidetracked on its production normalization last week by extending the measure by a month. Far from enough, traders also worry about Chinese demand for Oil once President-elect Donald Trump imposes tariffs on the country’s products. 

The US Dollar Index (DXY), which tracks the performance of the Greenback against six other currencies, extends gains on Monday after headlines over the weekend that President-elect Donald Trump secured an additional swing state to its victory. All eyes are now on the count for the House of Representatives, where the Republicans are just four seats shy of the majority after already securing the Senate. Meanwhile, traders gear up for the US Consumer Price Index (CPI) on Wednesday.