Oil Prices Keep Going Down

November 14, 2014

Yesterday European and US financial markets closed on the rise whereas Russia’s equity market finished the day with a slump.

In Europe, stock indices posted the following results – the British FTSE 100 grew 0.37 percent up to 6,635.45 points, the French CAC 40 gained 0.19 percent up to 4,187.95 points, and the German DAX advanced 0.41 percent up to 9,248.51 points.

In Russia, trailing after the price of oil, the MICEX index slumped 1.42 percent finishing trading at 1,492.27 points, and the RTS index plunged all 3.15 percent down to 1,012.16 points.

In the USA, the Dow Jones Industrial Average grew 0.23 percent up to 17,652.79 points, the NASDAQ Composite added 0.11 percent making 4,680.14 points, and the S&P BMI gained 0.05% up to 2,039.33 points.

Yesterday, for the first time since 2010, the price of Brent oil future closed below $80 a barrel, at $77.83 to be more exact, with a drop of $2.55. On the NYMEX, the price of the WTI oil future went down by $2.88 reaching $74.30 a barrel. This trend was influenced by a decline in the Chinese index number of industrial production and investments in China’s economy.  

On the global Forex market, EUR/USD continues its correction within the narrow range of 1.2510-1.24. There are no signals for entering the market yet.

Anna Gorenkova, NordFX Analyst

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