EUR/USD at 1.1396. Saudi Arabia won’t freeze oil output without Iran’s participation.

EUR/USD closed the European session slightly higher after a volatile trading. The currency pair was trading at 1.1396 as of 1:00 PM EDT, fluctuating in a 1.1337-1.1438 range throughout the day.

European shares continued to fall today. The performance of major indices is presented below:

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  • FTSE 100 closed at 6,146.05, down 0.47%.
  • CAC 40 lost 1.43% finishing at 4,322.24.
  • Euro Stoxx 50 was trading at 2,953.28 as of 5:50 PM GMT, which represents a 1.72% decline from the previous close.

Markit’s purchasing managers’ index for eurozone manufacturing increased to 51.6 in March from 51.2 in February according to the report published today. A reading above 50 indicates expansion in the sector.

Oil prices plunged more than 4% after Saudi prince Prince Mohammed bin Salman reported that Saudi Arabia would not join the program to freeze the oil output without the participation of Iran and other major producers.

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Oil prices experienced a massive rally during 6 weeks after Russia and Saudi Arabia agreed to freeze the oil output at January level. Major oil producing countries were expected to meet in Doha on April 17 to discuss the cooperative production freeze, however recently Iran reportedly rejected its participation, stating that it won’t freeze the oil output until it reaches a pre-sanction levels.

“The primary reason that oil prices are being dealt a solid dose of the WBWs (whoop-bang-wallops) today lies with Saudi Prince Mohammed bin Salman. The King’s son threw cold water on hopes of a production freeze” said Matt Smith from Clipperdata.

As of 12:37 PM EDT the WTI Crude was trading at 36.88 USD/bbl down 3.81% and Brent Crude at 38.70 USD/bbl, which is 4.04% 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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