EUR/USD down 0.30%. US Crude Inventories declined just 1.4 million barrels.

EUR/USD fluctuated in a range of 1.1141 – 1.1225 throughout the day. As of 5:00 PM EDT the pair was trading at 1.1153, which is 0.30% lower than the previous close.

US shares finished slightly higher today. Below is presented the performance of major indices:

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  • DJIA closed at 17,838.56, up 0.27%.
  • Nasdaq Composite rose 0.39% finishing at 4,971.36.
  • S&P 500 closed at 2,105.26, which represents 0.28% increase from the previous close.

According to the report from the Labor Department released today, the US initial jobless claims fell to seasonally adjusted 267,000 for the week ended May 28, which represents the 65th week the claims are below the threshold level of 300,000, which is an indicator of a strong labor market. “Labor market conditions are stable, which is all the reassurance the Fed will need to act soon” said Paul Ashworth from Capital Economics in Toronto.

US crude inventories declined last week less than the analysts had estimated. According to the report from Energy Information Administration, the US crude stocks dropped by 1.4 million barrels in the last week, below the analysts’ forecast of 2.5 million barrels decrease.

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Saudi Arabia’s oil minister Khalid al-Falih said during the OPEC meeting today that the OPEC won’t influence the price via output level adjustments. “I think managing in the traditional way that we tried in the past may never come again. Certainly we will not go with certain price targets” said Al-Falih.

Oil prices finished slightly higher today. The WTI Crude closed at 49.06 USD/bbl, up just 0.10%. The Brent Crude was trading at 49.93 USD/bbl as of 5:14 PM EDT, which is 0.42% 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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