EUR/USD unchanged at 1.1299. IEA expects a huge decline in non-OPEC production.

EUR/USD was relatively stable during Asian session today. As of 03:00 AM EDT the pair was trading at 1.1299, unchanged from the previous close.

Asian shares were mostly up today. Below is presented the performance of major indices:

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  • Shanghai Composite closed at 2,952.89, down 0.66%.
  • Nikkei 225 climbed 2.70% finishing at 17,363.62.
  • Hang Seng closed at 21,622.25, which represents a 1.82% gain.
  • S&P/ASX 200 rose 1.09% closing at 5,272.70.
  • India’s Sensex was trading at 25,953.66 as of 1:43 PM IST, which is 0.42% higher than the previous close.

Oil prices rose yesterday after the EIA report, which showed lower-than-expected build in US crude inventories and also the end of the strike by Kuwaiti workers.

The International Energy Agency (IEA) reported today that we would see the biggest fall in non-OPEC production in a generation this year, which will end the oversupply problem.

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According to the IEA’s chief Fatih Birol, low oil prices caused the investments to drop by nearly 40% in the past two years, with biggest declines in the United States, Canada, Latin America and Russia.

“This year, we are expecting the biggest decline in non-OPEC oil supply in the last 25 years, almost 700,000 barrels per day. At the same time, global demand growth is in a hectic pace, led by India, China and other emerging countries,” said Birol.

Oil prices opened lower today but gradually recovered at the end of the Asian session. As of 3:32 AM EDT the WTI Crude was trading at 44.18 USD/bbl (unchanged) and Brent Crude at 45.78 USD/bbl, which is just 0.04% 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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