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Overview: oil has slowed down in growth on the API data, push the Euro below $1,12

Forex Club 24.04.2019 at 14:55

The Price of oil (June futures Brent) on Wednesday 24 April to 17.37 MSC increased relative to the levels of the previous closing only 0.1% to 74.62 per barrel.

the Market of "black gold" has been hampered in growth around multi – month highs near $ 75 per barrel.

Some influence on the stagnation in oil prices has provided data from the American petroleum Institute (API), recorded last week, an increase of 6.9 million barrels of oil reserves in the country after the decline of 3,096 million barrels a week earlier. Later on Wednesday released the official data of the energy information administration of U.S. Department of energy. Experts expect that the oil reserves in America last week grew by 1,255 million barrels.

However, the signals on the level of production from OPEC+ continue to flow. So, the oil Minister of Nigeria Emmanuel IBE Cacique believes that OPEC+ at the meeting in June will not abandon quotas on oil production while preserving the current state of the market, but may ease the restrictions in the case of supply reduction.

meanwhile, the Minister of energy of Saudi Arabia Khalid al-falih said that his country may no plans to change the volumes of oil production. Adjustment of production volumes will begin after June, he added.

Khalid al-falih said in March that crude oil production in Saudi Arabia in March and April will be about 9.8 million barrels per day. OPEC in April estimated that the country in March exceeded the OPEC Vienna agreement+ more than two times, getting 9,794 million barrels per day.

the Euro vs dollar continues to decline, the bears are trying to suppress it below the psychologically significant level of 1.12 against the background of weak macroeconomic statistics in Germany.

In particular, the German IFO Institute, estimated that the business climate index in Germany in April fell to 99.2 from the March figure of 99.6 points. Experts predicted the index to rise to 99.9 per item.

In summary, 17.37 GMT, the Euro declined with the start of trading on the last fixing of 0.2% and was equal to 1,1197 dollar.

Market, USA, dollar, oil, ruble, Forex club

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