EUR/USD down 0.23%. Oil producers agreed to freeze production.

EUR/USD was trading in a range of 1.1126-1.1195 throughout the day and finished the European session at 1.1137, which is 0.23% below the previous close.

European stocks were mixed today. Below is mentioned the performance of major indices:

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  • FTSE 100 closed the day at 5,862.17, up 0.65%.
  • CAC 40 finished the session slightly lower at 4,105.31 (-0.24%).
  • Euro Stoxx 50 was trading at 2,816.70 as of 5:30 PM GMT, which is 0.61% lower than the previous close.

Investors’ eyes were on meeting held in Doha today, where the ministers of oil producing countries discussed plans concerning further production levels. The world’s two biggest oil producers Russia and Saudi Arabia agreed to freeze the output on January levels, a move that is supposed to reduce the global glut of crude. The deal represents the first significant cooperation between OPEC and non-OPEC countries in 15 years.

hbjhbjSaudi Oil Minister Ali al-Naimi said that he hoped that other producers would follow them and adopt a plan to freeze the production levels. “The reason we agreed to a potential freeze of production is simple: it is the beginning of a process which we will assess in the next few months and decide if we need other steps to stabilize and improve the market,” said Naimi.

However the prices dropped following this deal, meaning that investors are not sure that the holding production at these levels will end the global supply glut and eventually increase the prices. As of 11:36 AM EST the WTI Crude was trading at 29.09 USD/bbl, down 1.19% and Brent Crude at 32.37 USD/bbl, which is 3.05% below 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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