EUR/USD up 0.3%. Oil prices dropped again.

As of 12:00 PM EST the EUR/USD pair traded in a range of 1.0790-1.0846. It finished the European session at 1.0831, making a gain of 0.3%.

European shares slipped today, unlike the preceding Asian markets, which increased by 1% on average.

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The performance of major European indices are provided below:

  • FTSE 100 slid to 5,877, falling 0.39%.
  • CAC 40 declined 25.36 points, which represent a 0.58% loss.
  • As of 5:30 PM GMT the Euro Stoxx 50 index was trading at 3,002.63 (-0.68%).
  • IBEX 35 dropped 1.78% closing at 8,567.7

Oil prices dropped today during European session, despite a massive rally started on Thursday. WTI Crude reached 32.74 USD/bbl during Asian session, but tumbled to 30.48 USD/bbl afterwards. As of 11:31 ET the WTI was trading at 30.76$, which is 4.44% less than the previous close. Likewise, the Brent Crude hit its highest price of 32.81 USD/bbl today, but sharply declined to 30.64 USD/bbl during European session. Currently it is trading at 30.96, representing a loss of 3.79%.

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The last week’s rally triggered by expectations from central banks of Europe and Japan concerning monetary policy seems over. The prices continue to decline, as the investors are still concerned about global oversupply and weak Chinese economy. Moreover, the chairman of Saudi Arabian Oil Co. announced today that their company could tolerate low oil prices for an extended time. These comments may imply that they have no intention to deviate from the Saudi Arabia’s strategy of not cutting production despite declining prices.

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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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