Oil Prices Rise Due to Conflict in Yemen

March 26, 2015

Yesterday world financial markets closed with a drop mainly, with the exception of oil prices.

In Europe, the British FTSE 100 fell 0.41 percent to 6,990.97 points, the German DAX shed 1.17 percent down to 11,865.32 points, and the French CAC 40 dropped 1.32 percent to 5,020.99 points.

In Russia, the MICEX index fell 0.15 percent down to 1,616.13 points and the RTS index – 0.28 percent down to 877.84 points.

In the United States, the Dow Jones grew 1.63 percent up to 17,718.54 points, the S&P 500 dropped 1.46 percent to 2,061.05 points, and the NASDAQ lost 2.37 percent getting down to 4,876.52 points.

The NYMEX price of May futures for WTI oil rose by $1.7 and reached $49.21 a barrel. On London’s ICE, the Brent oil future for May went up by $1.37 and made $56.48 a barrel. Oil prices are on the rise due to the military operation launched by Saudi Arabia in Yemen that is situated near a shipping lane used to transport oil from the Persian Gulf to other parts of the world.  

On the Forex market, EUR/USD has had a serious correction off its lowest level. Now one has to wait when the pair's further direction becomes clearer.

Anna Gorenkova, NordFX Analyst

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