Oil Prices Slumped Due to US Reserves Data

April 9, 2015

On Wednesday, the world’s financial markets posted mixed results. In Europe, the British FTSE 100 fell 0.35 percent down to 6,937.41 points, the German DAX dropped 0.72 percent down to 12,035.86 points, and the French CAC 40 shed 0.28 percent finishing the trading session at 5,136.86 points.

In Russia, the MICEX index fell 0.71 percent to 1,683.63 points whereas the RTS index advanced 1.76 percent up to 988.30 points.

In the Unites States, the Dow Jones added 0.15 percent reaching 17,902.51 points, the S&P 500 grew 0.27 percent up to 2,081.90 points, and the NASDAQ gained 0.83 percent getting to 4,950.82 points. The rise was linked to the release of the Federal Reserve’s meeting records from March – at this time the Federal Reserve won’t raise the key interest rate but is going to consider it later this year.  

At the same time, oil prices tumbled down yesterday due to reports that US oil reserves reached their max since March 2001. On the NYMEX, the price of WTI oil futures for May plunged by $3.56 altogether and reached $50.42 a barrel. On London’s ICE, the cost of Brent oil futures for May delivery dropped by $3.55 and ended up at $55.55 a barrel.    

On the global currency market, the dollar continued to get stronger against the euro. Nonetheless, the trend hasn’t change drastically – EUR/USD has some leeway within the correction range and thus can still go down to 1.0495.  

Anna Gorenkova, NordFX Analyst

 

Publication source
NordFX information  NordFX reviews

January 20, 2017
The dollar has settled moderately lower
Asian stock markets were mixed overnight, after U.S. and European shares closed in the red Thursday. Japan and mainland China bourses managed to move higher (Chinese GDP beat expectations at 6.8%)...
January 20, 2017
A huge disappointment in the UK data
UK retail sales fell most since 2012. We see he fastest pace of decline in almost five years in December. It is due to sales of... pretty much everything from household goods to clothing and food...
January 20, 2017
Trump takes office today. Markets await inauguration speech
Investors await Trump's inauguration and speech due later today as he takes office as the 45th President of the United States. The U.S. dollar was seen giving up some of the gains yesterday with some volatility coming off the EURUSD on the back of the ECB meeting...

FIBO Group Rating
FBS Rating
HotForex Rating
FOREX.com Rating
Trade360 Rating
Orbex Rating

TopOption Rating
Banc De Binary Rating
IQ Option Rating
Binary Brokerz Rating
Binary.com Rating
24option Rating