EUR/USD at 1.1399. Oil prices jumped above $41.

EUR/USD fluctuated in a range of 1.1349-1.1425 throughout the day. As of 5:00 PM EDT the currency pair was trading at 1.1399, which is 0.21% higher than the previous close. The pair was relatively stable during this week and closed almost unchanged from last Friday’s close.

US shares closed slightly higher today. The performance of major indices is presented below:

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  • DJIA closed at 17,576.96, up 0.20%.
  • Nasdaq Composite finished slightly higher at 4,850.69.
  • S&P 500 increased 0.28% closing at 2,047.60.

The above mentioned indices finished this week with losses. DJIA, Nasdaq Composite and S&P 500 declined by 1.2%, 1.3% and 1.2% respectively during this week.

Oil prices jumped more than 6% today driven by Fed Chair Janet Yellen’s speech, which eliminates the investors’ concerns about the US recession, the world’s largest oil consumer.

A lot of investors have high hopes from the upcoming meeting in Doha on April 17, where the major oil producing countries will discuss the deal on cooperative oil output freeze.

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Moreover, a recent surprise announcement from Energy Information Administration, according to which the US crude oil supplies dropped by 4.9 million barrels in the week ended April 1, also served as a driver for growing oil prices.

“We believe the current oil price is unsustainable and expect a fundamental price recovery when markets move into better balance in mid- to late- second part of the year” said Jason Gammel from Jefferies.

As of 4:55 PM EDT the WTI Crude was trading at 39.61 USD/bbl up 6.31% and Brent Crude at 41.83 USD/bbl, which is 6.09% higher 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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