OPEC Will Keep Oil Output Unchanged

November 28, 2014

On Thursday, world financial markets posted mixed trading results mainly because the importance of OPEC’s decisions varies from country to country. For instance, Europe paid closer attention to the fact that Germany’s jobless rate went down to 6.6% (the forecast was 6.7%). Therefore, European stock indices made gains for the most part – France’s CAC 40 grew 0.2 percent up to 4,382.34 points, and Germany’s DAX 30 advanced 0.6 percent up to 9,974.87 points. The British FTSE 100 ‘spoiled’ the picture a bit by dropping 0.09 percent down to 6,723.42 points.

For the Russian equity market, the OPEC countries’ decision to keep oil output quotas the same (30 million barrels a day) had a negative impact – the MICEX index fell 0.37 percent down to 1,531.69 points, and the RTS index slumped 2.06 percent down to 1,006.43 points.

Oil prices went down significantly, in turn. In New York, the price of WTI oil plunged by $4.64 reaching $69.05 a barrel while the ICE price of Brent oil for January plummeted by $4.93 making $72.82 a barrel.

There was no trading in the United States due to Thanksgiving Day celebrations.

On the Forex market, EUR/USD is still at the same level.

Anna Gorenkova, NordFX Analyst

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