EUR/USD unchanged. WTI Crude down 6%.

EUR/USD was fluctuating in a range of 1.0985-1.1053 during the day. It closed almost unchanged at 1.1022 (-0.04%).

US markets declined today driven by sharp drop in oil prices. Major indices had the following performance:

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  • DJIA declined by 1.14% closing at 16,431.78.
  • Nasdaq Composite finished the session at 4,503.58 down 1.47%.
  • S&P 500 closed at 1,921.27, which is 1.25% below the previous close.

Oil prices plunged today driven mainly by Saudi Minister’s comments and API result release. Ali Al-Naimi, the Saudi Oil Minister reported that the cooperative production cut is not going to be seen in near future, which moved the prices lower. Oil prices showed signs of recovery last week after the deal between Russia and Saudi Arabia was reached on freezing the output level. However, it seems that the freeze in production won’t have a significant impact on prices.

Oil Barrels

The American Petroleum Institute (API) reported today that crude inventories increased by 7.1 million to 506.2 million barrels in the week to February 19, which is almost twice the analysts’ estimate of 3.4 million increase. The U.S. Energy Information Administration will release a report on official inventory data on Wednesday.

The WTI Crude oil closed at 31.37 USD/bbl, which represents a decline of 6.05%. As of 5:28 PM EST the Brent Crude was trading at 32.97 USD/bbl, down 4.96% from the previous closing price.

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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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