EUR/USD at 1.1184. Oil dropped 4%.

EUR/USD fluctuated in a range of 1.1159-1.1224 today. As of 6:10 PM EDT the currency pair was trading at 1.1184, which is 0.31% lower than the previous close.

US shares dropped today driven mainly by energy and mining companies. Below is presented the performance of major indices:

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  • DJIA closed at 17,502.59, down 0.45%.
  • Nasdaq Composite dropped 1.10% finishing at 4,768.86.
  • S&P 500 closed at 2,036.71, which represents a 0.64% decline from the previous close.

Almost all major indices in the world fell today affected by lower oil price and attacks in Brussels.

Oil prices significantly declined today driven by large US inventory report. The WTI Crude closed at 39.79 USD/bbl, losing 4%. Brent Crude was trading at 40.52 USD/bbl as of 5:46 PM EDT, which represents a 3.04% decline from the previous close.

The Energy Information Administration announced today that the US crude inventories increased by 9.4 million barrels in the previous week reaching a record high of 532.5 million barrels.

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This figure is slightly above the 8.8 million barrel increase provided by industry group American Petroleum Institute on Tuesday, however it is way above the analysts’ expectations of 3.1 million barrels.

“The data will do little to help oil bulls, given the monster build for crude inventories already at record high levels prior to this,” said Chris Jarvis from Caprock Risk Management.

The increase represents the sixth straight weekly gain in crude inventories.

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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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