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Business / Finance

Oil prices continue to decline on fears of rising production

Forex Club 29.04.2019 at 15:07

World oil prices continue to strive to around 71 dollars a barrel Brent crude on concerns of market participants regarding the possible increase in OPEC production. This may occur after may 2, when the effect of the exceptions to the oil sanctions against Iran.

Additional pressure on the market had a statement of the President of the United States Donald trump that Saudi Arabia and other countries agree to increase oil production. It is not excluded that in may, Saudi Arabia can increase production by 500 thousand barrels a day.

On the foreign exchange market is the strengthening of the Euro against the dollar. This is happening in anticipation of the US Federal reserve meeting at which the financial regulator is expected to keep the benchmark interest rate at the current level. Previously, the fed officials said that they would not change rates until the end of the year.

currently the dollar is under some pressure from expectations of another round of trade negotiations between the US and China, which will be held on 30 April and 8 may. Probably in the short term, the Euro will be able to maintain its position, remaining at the level of 1.11 euros to the dollar.

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

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