Oil Prices Are in the Negative Again

December 8, 2014

Last Friday, European and US indices posted a noticeable rise whereas Russia’s equity keeps falling alongside oil prices.

In Europe, the British FTSE 100 grew 0.95 percent up to 6,742.84 points, the French CAC 40 hiked up by 2.21 percent reaching 4,419.48 points, and the German DAX advanced 2.39 percent finishing the trading session at 10,087.12 points.

In the USA, the Dow Jones Industrial Average gained 0.33 percent up to 17,985.79 points, the Standard & Poor's 500 grew 0.17 percent up to 2,075.37 points, and the NASDAQ Composite added 0.24 percent ending up at 4,780.76 points.

Last Thursday, ECB President Mario Draghi didn’t give any specific dates for the revised economic stimulus plan, which led to a drop in equity rates. However, on Friday, ECB sources reported that the Central Bank was ready to consider introducing quantitative easing already in January 2015.

Besides this, investors reacted positively to the US non-farm job figures. In November, the number of jobs increased by 321,000, which is the highest since January 2012.

With that, the NYMEX price of WTI oil futures for January went down by $0.97 making $65.84 a barrel. On London’s ICE, January Brent oil futures dropped by $0.57 and finished trading at $69.07 a barrel.

Russian indices also slumped following oil prices. The MICEX index plunged by 3.34 percent down to 1,529.20 points, and the RTS index fell 1.08 percent down to 908.75 points.

On the Forex market, EUR/USD is going down to around 1.22, which is the bottom line of the weekly triangle the pair has been forming since 2008. 

Anna Gorenkova, NordFX Analyst

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