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Business / Finance

Review: a little bit of oil hitting record lows, the Euro has anchored a weak macro statistics

Forex Club 22.02.2019 at 13:38

The Price of oil (April futures for Brent crude) on Friday 22 February to 16.31 MSK increased by 0.7% to 67,53 per barrel.The market of "black gold" little highs since November last year above the level of 67.5 USD per barrel. Oil prices react to optimistic expectations about the ongoing in Washington, the us-China trade negotiations. Their success will prevent the introduction since March 1, reciprocal import duties on goods the U.S. and China. It would be beneficial for the growth of the world economy and, accordingly, will support the demand for energy.

At the same time, the increase in oil prices is limited data about the increase last week of production of "black gold" in America, 100 thousand barrels per day to a peak of 12 million barrels. The increase in commercial stocks of oil in America continues for the fifth week in a row, and last was 3.7 million barrels to 455 million barrels.

meanwhile, the Saudi state oil company Saudi Aramco has agreed with Chinese companies NORINCO and Panjin Sincen the creation of an integrated petrochemical complex in China. The project cost may exceed $ 10 billion. It will be a record for the largest Sino-foreign JV. Saudi Aramco will own 35 percent of the joint venture, NORINCO - 36%, Panjin - 29%. About 70% of crude oil for the complex will supply Saudi Aramco.

the pair Euro-dollar stabiliziruemost about the level of 1,133. The European currency growth is constrained by weak macroeconomic statistics of Germany. So, the GDP of Europe's largest economy last quarter has not changed compared to the third quarter, with seasonal adjustments. This coincided with forecasts of analysts.

in addition, the IFO Institute estimated that the business climate index in Germany in February fell to the lowest level since Dec 2014 - 98.5 points. Economists were expecting the index at 99 points.

By 16.30 Moscow time the Euro exchange rate declined by 0.01% from the start of trading on the last fixing and was 1,1332 dollar.

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