Boost for Markets as Oil Prices Rise

January 19, 2015

On the last day of the previous trading week, the world’s financial markets closed mainly on the up following rising oil prices. In Europe, the British FTSE 100 grew 0.79 percent up to 6,550.27 points, the German DAX advanced 1.35 percent up to 10,167.77 points, and the French CAC 40 added 1.31 percent making 4,379.62 points.

In Russia, the MICEX index grew 0.56 percent up to 1,563.21 points, and the RTS index shot up by 2.6 percent reaching 762.39 points. The Russian market got a boost from reports that Standard & Poor's postponed its decision about Russia’s investment-grade rating till the end of January. Initially the agency was going to downgrade Russia’s rating to junk as of last Friday.

Due to weak corporate data, US floors saw a drop in equity – the Dow Jones Industrial Average fell 0.39 percent down to 16,417.01 points, the Standard & Poor's 500 shed 0.14 percent down to 1,845.89 points whereas the NASDAQ Composite grew 0.09 percent closing at 4,218.69 points.

On the NYMEX, February futures for WTI oil rose by $2.44 making $48.69 a barrel. On London’s ICE, the February future for oil of mark Brent went up by $1.90 and reached $50.17 a barrel. That was the way markets reacted to the International Energy Agency’s forecast for oil production in non-OPEC countries. According to the IEA’s estimates, oil production will decrease by 350,000 barrels a day.

On the global currency market, EUR/USD kept falling last Friday. Today the pair may have a slight correction to 1.1720.

Anna Gorenkova, NordFX Analyst

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