Oil Prices Rise Due to OPEC Reports

February 10, 2015

On Monday the world’s financial markets closed with a decline. In Europe, the British FTSE 100 fell 0.24 percent to 6,837.15 points, the French CAC 40 shed 0.85 percent down to 4,651.08 points, and the German DAX dropped 1.69 percent down to 10,663.51 points. The reason was the Greek government’s refusal to accept further bailout loans.

In Russia, the MICEX index fell 0.39 percent down to 1,748.55 points whereas the RTS index grew 1.7 percent up to 840.48 points.

In the USA, the Dow Jones fell 0.53 percent to 17,729.21 points, the S&P 500 shed 0.43 percent getting to 2,046.72 points, and the NASDAQ dropped 0.39 percent down to 4,726.01 points.

The NYMEX price of March futures for WTI oil rose by $1.17 and made $52.86 a barrel. On London’s ICE, the price of Brent oil futures for March went up by $0.54 and reached $58.34 a barrel. The rise of oil prices continued due to OPEC reports. The organization of oil producers revised its oil demand forecast for 2015. According to the released data, OPEC expects demand to go up by 1.17 million barrels a day (making it 92.32 million barrels a day) instead of a 1.15 million barrels as was set earlier.   

On the Forex market, EUR/USD is holding within the same range.  

Anna Gorenkova, NordFX Analyst

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