EUR/USD at 1.1413. Brent price above $42.

EUR/USD had a volatile session today fluctuating in a range of 1.1373 – 1.1446. As of 1:00 PM EDT the currency pair was trading at 1.1413, which is just 0.10% higher than the previous close.

European shares were mixed today. The performance of major indices is presented below:

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  • FTSE 100 closed at 6,200.12, down 0.07%.
  • CAC 40 rose 0.22% finishing at 4,312.63.
  • Euro Stoxx 50 was trading at 2,924.23 as of 5:50 PM GMT, which represents 0.42% increase from the previous close.

Oil prices continued to rise today after a massive rally on Friday. The rise was mainly driven by Fed Chair Janet Yellen’s speech, which eliminates the investors’ concerns about the US recession, the world’s largest oil consumer. Moreover, a 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.

The rise in prices suggests that the investors have high hopes from the upcoming meeting in Doha, where major oil producing countries will discuss the deal on cooperative production freeze deal.

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“A production freeze at recent production levels would not accelerate the rebalancing of the oil market as OPEC (ex. Iran) and Russia production levels have this year remained close to our 2016 average annual forecast of 40.5 million bpd. We see greater odds that the Doha meeting delivers a bearish catalyst for oil prices… we continue to believe that the balancing of the oil market requires sustained low prices with our 2Q16 forecast of $35 per barrel” written in the report from Goldman Sachs.

As of 12:47 PM EDT the WTI Crude was trading at 40.27 USD/bbl up 1.38% and Brent Crude at 42.63 USD/bbl, which is 1.65% 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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