EUR/USD at 1.0865. US shares rose today.

EUR/USD closed at 1.0865, up 0.14% after a volatile session. It traded in a range of 1.0815-1.0875 during the day.

US markets rose today mainly caused by increasing oil prices and also by positive earning announcements by major companies. Below are mentioned the performance of major US indices for today:

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  • DJIA was up 1.78% finishing at 16,167.23.
  • Nasdaq Composite closed at 4,567.67, gaining 1.09%
  • S&P 500 increased by 1.41% closing at 1,903.63.

Oil prices significantly grew today reaching almost $33 mark. The sharp increase was mainly caused by the investors’ belief that Opec and non-Opec countries will cooperate in order to ease the global supply glut.

WTI Crude reached 32.41 USD/bbl today, but dropped sufficiently during North American session and closed at 30.51 USD/bbl, which was 0.56% higher than the previous closing price. Brent Crude was trading at 31.14 USD/bbl (+2.10%) as of 17:34 ET, despite reaching as high as 32.72 USD/bbl during European session.

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In its annual Commodity Markets Outlook, the World Bank slashed its forecast for crude oil prices from 51$ to 37$ per barrel for 2016, noting that weak demand from emerging markets is likely to continue. According to the outlook, oil prices should drop another 27% in 2016 after losing 47% in 2015. They also added, that they expect the oil prices to recover gradually throughout this year, however the rebound will be lower than in other years when the prices experienced sharp declines.

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I’m a finance specialist with 4+ years of working experience, out of which 2 years as a SME relationship manager at Byblos Bank and 2 years as a Finance Director in a Food & Beverage sector. My academic background include BA in economics, MA in finance, CFA Level 1 and F1, F2, F3 level of ACCA. I’m also experienced in Forex/CFD trading and Forex/ Equity markets analysis.

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