EUR/USD at 1.1038. Asian shares slid.

EUR/USD was trading slightly above the yesterday close throughout the Asian session. As of 3:00 AM EST the rate was 1.1038, which is 0.11% higher than the previous close.

Asian shares slid today. All the major indices moderately declined in value as presented below:

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  • Shanghai Composite closed at 2,903.33, which is 0.81% lower than the previous close.
  • Nikkei 225 finished the session at 16,052.05, down 0.37%.
  • Hang Seng declined by 0.25% closing at 19,414.78.
  • Australia’s ASX/S&P fell by 0.43% finishing at 4,979.60.
  • India’s Sensex was trading at 23,439.54 down 1.47% as of 2:20 PM IST.

According to International Energy Agency report published yesterday, the global oil glut will persist in 2016 and the prices will only start to increase in 2017. As per the report the analysts expect global oil supply to grow by 4.1 million barrels per day during 2015-2021, which is lower compared to 11 million barrels per day increase between 2009 and 2015.

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“Only in 2017 will we finally see oil supply and demand aligned but the enormous stocks being accumulated will act as a dampener on the pace of recovery in oil prices. It is hard to see oil prices recovering significantly in the short term from the low levels prevailing” written in the report.

As of 3:14 AM EST the WTI Crude was trading at 32.56 USD/bbl down 2.49% and Brent Crude at 33.87 USD/bbl, which is 2.36% lower than the previous close.

 

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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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