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Oil prices fell by one percent on Monday as a higher U.S. rig count unsettled markets amid nagging concern that output cuts, planned as part of concerted action between producer club OPEC and Russia, might not be as big as initially anticipated. Traders said price falls were triggered by rising production just after last week's accord between the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC member Russia to cut output in 2017. Meanwhile U.S. energy firms extended drilling for new oil production into a seventh month last week, data from energy services firm Baker Hughes showed on Friday.
SINGAPORE/SYDNEY (Reuters) - The euro fell to a 20-month low on Monday and investors fled riskier assets after Italian Prime Minister Matteo Renzi said he would resign following a stinging defeat on constitutional reform that could destabilize the country's shaky banking system. Renzi's defeat deals a body blow to a European Union already reeling under anti-establishment anger that led to the shock exit of UK from the club in June. "It’s not very hard to see a new election, and it’s not very hard to see the (opposition) 5-Star Movement taking power and they’ve basically said they want to get out of either the European Union or the euro or both,” said Mark Wills, head of State Street Global Advisors' investment solutions group for the Asia Pacific.