Upbeat Mood on Oil Market

February 6, 2015

Yesterday world financial markets closed mainly on the up following rising oil prices. In Europe, the FTSE 100 grew 0.09 percent up to 6,865.93 points, the DAX shed 0.05 percent down to 10,905.41 points while the САС 40 added 0.15 percent reaching 4,703.30 points.

In Russia, the MICEX index advanced 2.42 percent up to 1,696.06 points, and the RTS index shot up by 4.4 percent making 804.50 points.

In the United States, the Dow Jones grew 1.16 percent up to 17,878.84 points, the S&P 500 BMI gained 1.02 percent up to 2,062.30 points, and the NASDAQ added 1.03 percent getting to 4,765.10 points.

There were some serious factors that led to a rise in prices. Yesterday militants captured an oil field in Libya. Besides that, the People’s Bank of China cut the mandatory reserve ratio for banks by 0.5% in a bid to stimulate economic activity. Thus, the NYMEX cost of WTI oil futures for March went up by $2.03 and made $50.48 a barrel. On London’s ICE, the price of Brent oil futures for March delivery rose by $2.41 and reached $56.57 a barrel.  

On the Forex market, EUR/USD is holding within the same range (1.1550-1.1097) so far.

Anna Gorenkova, NordFX Analyst

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