EUR/USD at 1.1281. Oil prices slightly recovered.

EUR/USD stayed flat at 1.1281 (-0.09%) as of the end of Asian session. The pair was trading around the yesterday closing price throughout the day, ranging from 1.1277-1.1311.

Asian markets dropped even further today, particularly Japanese Nikkei 225 index lost 2.31%, finishing at 15,713.39. The index plunged to 15,429.99 during the day, which represents its 52-week low.

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Oil prices recovered today after a four-day heavy sell-off. As of 02:45 AM EST, the WTI Crude was trading at 28.55 USD/bbl, up 2.18% and Brent Crude at 31.02 USD/bbl, 2.31% above the previous close. Yesterday oil prices declined more than 6%, with WTI reaching as low as $27.75 and Brent a $30.28 per barrel.

Yesterday the American Petroleum Institute (API) reported a rise in crude stockpiles last week. According to the report, the crude inventories increased by 2.4 million barrels in the week to Feb. 5 to 503.4 million, versus the analysts’ estimates for an increase of 3.6 million barrels. Gasoline inventories rose by 3.1 million barrels, versus the analysts’ expectations for a 400,000-barrel gain presented in Reuters poll.

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Moreover, the International Energy Agency (IEA) cut its forecast for 2016 oil demand growth, which now stands at 1.17 million barrels per day, and reduced its estimate of demand for OPEC crude. The U.S. Energy Information Administration announced that it expects U.S. crude oil production to fall this year more than it had previously forecasted. It now expects the output to decline by 740,000 bpd this year, instead of by 700,000 bpd.

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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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