Oil hits 11-year low and PBOC lets up Yuan drop

January 7, 2016

Mounting Oil stockpiles around the world shatter hopes for the commodity bidders to see prices picking up in the near future.WTI was sent in a deep 2.45% plunge to $34.92, while Brent sunk to 11-year low point falling below $35.

Traders are riveted to the crude stockpiles report from EIA that is due later today. Experts’ consensus anticipates that the report will show an increase in US oil reserves by 500,000 barrels last week.

Today Brent futures extended their Tuesday decline losing more than 7% in two days and hitting rock bottom in the last 11 years. WTI price slumped by 2.45% with gloomy outlook to sink further – near a 30-point level.

The Middle East conflict failed to induce sustainable upward movement in Oil prices as global surplus still exceeds shrinking consumption pace.

European equities are trading in the red zone today as Asian stocks fell after PBOC loosened Yuan rate to US Dollar, what resulted in over a 2% depreciation of Chinese currency to its US rival. FTSE 100 is down 1.51%, S&P 500 lost 1.57% and DJIA fell by 1.46%.

Russian currency is following the sinking Oil in a rapid decline against its American peer. USD/RUB broke 74 level today with potential for further bullish movement.

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