The pound fell slightly in the European market on Friday against a basket of global currencies, continuing for the second day in a row from the highest level in eight months against the US dollar, as the correction and profit taking continues, but is about to achieve a weekly gain which is its third in a month, Several intensive voting within the British parliament on the "Brexit " ended yesterday with the approval of the postponement of the deadline for UK's exit from the European Union beyond the twenty-ninth of March.

As of 07:15 GMT, the pound was down 0.1% , trading at $1.3245, with the opening at $1.3266 while the highest at $1.3266 and the lowest at $1.3231.

The pound ended yesterday's trading down 0.4% against the dollar on correction and profit taking after reaching the highest level in eight months at $1.3381.

However, over the course of the week, the British pound has soared 1.8% against the US dollar, with the dollar making its third weekly gain in a month, while the week saw very important developments on the UK crisis.

The week saw several votes within the British parliament over three days that began on Tuesday and ended on Thursday. There is a final vote in parliament next week over Prime Minister Theresa May's agreement plan the Brexit, which was rejected for the second time this week .

Voting began on Tuesday as parliament passed the second heavy defeat for the Prime Minister Theresa May's agreement with the European Union, deepening the political crisis in the country without any concrete signs on how to get out of the current chaos.

On Wednesday, parliament voted 312 to 308 in favor of an amendment put forward by a group of british lawmakers that obliges the British government to exclude EU exit without an agreement.

On Thursday, parliament approved a proposal to extend the deadline for leaving the EU beyond March 29.

while, the british government, led by Theresa May, has put forward a proposal to postpone the Brexit until June 30 if parliament approves its agreement with the European Union before March 20 or it will be delayed further.

This means there is a strong possibility that Theresa May will put her Brexit agreement for a third vote next week after it was rejected for the first time in January and for the second time this week.

If the parliament did reject it again, the date of leaving the EU may be delayed for a longer period, but even if it got the parliament approval, another more difficult approval is required from the rest of the EU member states on that delay.

Oil prices rose in the European market on Friday, US crude continues rising for the fifth day in a row, recording a new high level in four months, while Brent crude rises after yesterday's decline by correction, the rise comes amid fears of global supply fade, with the continued efforts by OPEC and its allies to support the market, and lower US production for the first time since last December.

As of 08:22 GMT, US crude rose to $58.88 a barrel, over the opening at $58.53, recording its highest since 13th of November at $58.90 and the lowest at $58.48.

On the other hand, Brent rose to $67.60 a barrel, over the opening at $67.17, recording the highest at $67.63 and the lowest at $67.07.

US crude was up 0.3% on Thursday, the fourth daily gain in a row, while Brent fell 0.6% on correction and profit taking after hitting a four-month high of $68.12 a barrel earlier in the session.

Over the course of the week, global oil prices so far have risen by an average of 5%, to be the second weekly gain in a row, as fears of a global supply slump have subsided.

Prices are currently supporting efforts led by the Organization of the Petroleum Exporting Countries (OPEC) and independent producers, led by Russia, to cut about 1.2 million barrels per day (bpd) in order to balance the market.

The OPEC Plus alliance is due to meet in Azerbaijan over the weekend, to review its production policy, with most forecasts suggesting that the alliance will insist on continuing reductions at the moment.

Unlike OPEC's voluntary efforts, US sanctions on Iran and Venezuela have continued to tighten the market and the fears of supply overshoot.

While US production levels, last week fell by about 100,000 barrels per day, the first weekly decline since the week ending December 7, bringing the total to 12 million barrels per day, leaving its record level of 12.1 million barrels.

China's use of crude oil, the world's largest oil importer, rose 6.1% in January and February to a record of 12.68 million barrel per day in 2018, official data showed this week.

European stocks rose Friday, extending their gains for a third straight session, after the British parliament voted to postpone the country's break-up from the European Union (Brexit) for at least three months to avoid the country's a chaotic exit. 

As of 08:42 GMT, Stoxx Europe 600 rose 0.3%, its highest level since last October, and ended yesterday's session up 0.8% in the second daily gain in a row, as investors assessed the vote developments on Brexit .

Stoxx Europe Index rose Friday morning to continue its gains for a third consecutive session, hitting its highest level in five months, with most of the major stock markets and sectors in the green.

Mining, core resources and auto manufacturing sectors are leading the list of gainers in Europe following a report on further progress in US-China trade talks.

In London, the FTSE 100 rose nearly 0.6%, leading the gainers list in Europe after the British parliament voted yesterday to approve a proposal to extend the European Union's deadline for leaving the country after March 29.

The british government, led by PM Theresa May, has put forward a proposal to postpone the Brexit until June 30 if parliament approves its agreement with the European Union before March 20 or delays.

Meanwhile, S&P 500 futures rose 0.25%, while ending yesterday's session down 0.1%, the first loss in four sessions, with relative activity of the profit barrier.

Euro Stoke 50 rose 0.35%. as in France, CAC 40 index gained 0.3%. In addition to Germany's DAX adding more than 0.1%.

Litecoin rose 1% , or around $0.6 on Friday, to complete its rebound of 6-day low from March 6th, in the third session in four and most of the losses were wiped out earlier this week following last week's expanded gains that came after Venezuela's ratification of Bitcoin and Litecoin as money-transfer methods to circumvent US economic sanctions.

At 0540 GMT, Litecoin rose 0.99% to $57.588 compared to the opening of $57.038, after reaching a high of $57.771, while the lowest at $57.013.

Litecoin is currently lost less than 1% from its opening levels this week after most of its losses got wiped, when it reached 60$ for the first time in five-month last week, with corrective actions widened earlier this week following a report on the rise of money-laundering in relation with cryptos in the Japanese market, the second largest cryptocurrency market in the world.

The Basel Committee on Banking Supervision in Switzerland called on all banks to take precautionary measures in dealing with cryptocurrencies as a potential risk to financial stability. The Swiss Finance Committee reported that it was still working with regulatory organizations such as the Financial Stability Board to clarify preventive measures against cryptocurrencies such as Bitcoin and its crypto counterparts, including Litecoin.

On the other hand, the Venezuelan government's deadline for American diplomats to leave the country has passed as tensions between the two countries escalated following Venezuelan President Nicolas Maduro's decision to cut off diplomatic ties with the United States and accuse his counterpart Donald Trump of sabotaging the political situation in his country. The Government stated that the presence of diplomats on its territory poses a threat to the unity and security of the country.

Earlier this week, reports spreaded of the United States imposing new economic sanctions on the Moscow-based Evrofinance Mosnarbank, citing the move that the Russian bank has financed activities supported by Venezuelan perto-cryptocurrency which is baked by the country's oil reserves, all as part of US action to cut off financial supplies to Maduro's government, which could boost demand for the Bitcoin and Litecoin to circumvent US economic sanctions.