EUR/USD unchanged. Oil prices plunged 5% after Doha meeting.

EUR/USD was relatively stable during Asian session today. As of 03:00 AM EDT the currency pair was trading at 1.1295, same as the previous close.

Asian shares closed lower today. Below is presented the performance of major indices:

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  • Shanghai Composite closed at 3,033.66, down 1.44%.
  • Nikkei 225 plunged 3.40% finishing at 16,275.95.
  • Hang Seng was trading at 21,111.60 as of 3:52 PM HKT, which is 0.96% lower than the previous close.
  • S&P/ASX 200 finished the session at 5,137.10, down 0.40%.
  • India’s Sensex was trading at 25,790.18 as of 1:23 PM IST, which represents a 0.64% increase.

Oil prices dropped more than 5% after Doha meeting, where the 18 oil producing countries were expected to reach a deal on cooperative production freeze. However, the meeting produced no results, as Saudi Arabia demanded that Iran also have to join in.

As of 3:29 AM EDT the WTI Crude was trading at 38.29 USD/bbl down 5.13% and Brent Crude at 40.94 USD/bbl, which is 5.01% lower than the previous close.

“OPEC’s credibility to coordinate output is now very low. This isn’t just about oil for the Saudis. It’s as much about regional politics.” said Peter Lee from BMI Research.


“In the near-term, lower oil prices are bound to weigh on investor confidence and could exacerbate financial volatility. Concerns over financial stability in the energy sector and a further fall in drilling capex are headwinds to growth against an already fragile global economic backdrop.” said Frederic Neumann from HSBC.

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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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