Iran to add 500,000 barrels a day. EUR/USD still around 1.09

Oil prices dropped even lower during European trading session today. WTI Crude Oil plunged to 28.36 USD/bbl and Brent Crude dropped to 27.7 USD/bbl, its lowest price since 2003.

OPEC forecasts that oil supply from non-member countries will significantly decline this year due to the collapse in prices, boosting the need for crude from the producer group.

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According to the report, supply outside the OPEC would decline by 660,000 barrels per day in 2016, which will reduce the supply glut and eventually the prices will recover.

As of 11:32 ET, WTI Crude Oil was trading at 29 USD/bbl (-1.43%) and Brent was trading at 28.61, representing a 1.14% decline.

European shares slightly declined today, particularly FTSE 100 index closed the day at 5,779.92 (-0.42%), CAC 40 dropped 20.59 points, which is 0.49% decline from its previous close. As of 5:30 GMT Euro Stoxx 50 was trading at 2,935.26, which represents a 0.58% decline.

EUR/USD was fluctuating in a range of 1.08681-1.09086 during European session today, showing no explicit trend. The lowest and highest prices today for this currency pair was 1.0866 and 1.0926 respectively. The European session closed at 1.0886, which is 0.24% lower than the previous close. But, when taking a look at 5-day currency chart, it’s apparent that US dollar continues its upward trend moving approximately 0.8% up from its Jan 13 low.

 

 

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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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