Oil Prices Go Down Again

October 14, 2014

Yesterday world financial markets finished trading with mixed results. Major European indices closed in the black – Britain’s FTSE 100 grew 0.41 percent up to 6,366.24 points, Germany’s DAX gained 0.27 percent up to 8,812.43 points, and France’s САС 40 added 0.12 percent finishing the trading session at 4,078.70 points. 

On the Russian floor, there was a rise of equity as well – the MICEX index advanced 1.44 percent up to 1,383.93 points while the RTS index grew 1.15 percent up to 1,076.58 points.

American floors, on the contrary, saw an equity decline yesterday – the Dow Jones Industrial Average fell 1.35 percent down to 16,321.07 points, the Standard & Poor's 500 dropped 1.65 percent down to 1,874.74 points, and the NASDAQ Composite shed 1.46 percent reaching 4,213.66 points.

Oil prices also went down due to reports that Iraq, second-biggest OPEC oil producer in the world, was lowering its oil costs for Asian and European deliveries.  On the NYMEX, the price of the WTI oil future for November went down by $0.08 and stopped at $85.74 a barrel. On London’s ICE, the price of November Brent oil futures dropped by $1.32 and closed at $88.89 a barrel.

On the global Forex market, EUR/USD is experiencing a further correction.

Anna Gorenkova, NordFX Analyst

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