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

 

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