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Business / Finance

Overview: oil for almost $65, Euro remains under pressure on forex

Forex Club 15.02.2019 at 13:04

The Price of oil (April futures for Brent crude) on Friday 15 February to 15.23 GMT increased by 0.6% to 64.96 USD per barrel.The market of "black gold" highs from November 2018. Quotes receive support from the International energy Agency (IEA) that OPEC production in January fell to the level of December 2018 at 930 thousand barrels per day to the lowest in almost four years 30,83 million barrels per day.

in addition, the Minister of energy of Saudi Arabia Khalid al-falih announced plans to reduce the country's oil production to almost 9.8 million barrels per day. Exports will drop to 6.9 million barrels per day. Under the agreement, OPEC+ value of production cuts by Saudi Arabia is 322 thousand barrels per day by October 2018 to 10,311 million barrels per day.

the pair Euro-dollar remained under pressure below the level of 1.13. Investors continue to await news from the us-China negotiations on trade issues, held on February 14-15 in China. Chinese President XI Jinping at the meeting with the Minister of Finance of the USA Stephen Mucina and trade representative Robert Leitheiser assured that China is ready to cooperate with America to resolve trade disputes and achieving acceptable to the two countries trade agreement. This supports the demand for dollars.

in addition, the weakening of risk appetite amid the decline in January inflation in China (the PPI rose just 0.1% year on year), supports the protective dollar assets.

To 15.22 GMT, the Euro was down 0.2% from the start of trading on the last fixing and was 1,1273 dollar.

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