Quiet tradings in the European and Asian markets.. Brent is approaching $70

Quiet tradings in the European and Asian markets.. Brent is approaching $70

Quiet tradings in the European and Asian markets.. Brent is approaching $70: Today seems to be relatively quiet in the markets,
amid the continued closure of some Asian exchanges and quiet tradings in Europe.

Oil is witnessing new developments after the US Petroleum Institute data showed a retreating in inventories.

 

A large jump in oil prices while declining US stocks

Today, Oil prices rose for the third day after industry data indicated that US crude inventories fell much more than expected last week,
boosting upward sentiment regarding fuel demand in the World’s largest economy.

 

According to Reuters, US West Texas Intermediate crude futures rose 43 cents (0.7%) to record $ 66.12 a barrel.

Prices rose to $ 66.58, the highest level since March 8.

 

Brent crude futures rose by 49 cents, (0.7%) to record $ 69.37 a barrel after hitting the highest level in more than 7 weeks
at $ 69.78 earlier in the session.

On Tuesday

On Tuesday, both standard contracts rose by 2%.

 

The rise in prices was driven by the decline in US commercial crude oil inventories,
the world’s largest oil consumer, which reinforced the perception that demand in the country was rising.

According to American Petroleum Institute data

According to American Petroleum Institute data, US commercial crude oil inventories decreased by 7 million and 688,000 barrels.

The market expectations were that stocks would be declined by only 2 million and 191,000 barrels.

Today

Today, official inventory data will be released by the United States Energy Information Administration.

Oil prices are expected to continue to rise if the Energy Information Agency indicates a reduction in inventories.

 

If the Energy Information Agency confirmed the figures, it would be the biggest weekly drop in official stock data since late January.

Covid-19 virus epidemic in the United States

In addition, the decision to ease measures taken against the new strain of Corona Covid-19 virus epidemic in the United States
and the proposal to lift the current travel restrictions in the states of the European Union for persons who received 2 doses of Covid-19 vaccines
approved by the European Union also contributes to optimistic expectations of oil demand through providing support for higher prices.

The coming summer travel season could boost fuel demand and support oil prices.

Energy demand

Expectations of energy demand, supported by easing procedures of closures in parts of the United States and the United Kingdom,
helped to dispel concerns about lower demand from India and Japan.

 

This rise in oil prices to the highest levels in almost 2 months was supported
by intensive vaccination campaigns in the United States and Europe.

 

So far, this led to offsetting the decline in fuel demand in India, the world’s third-largest oil consumer,
which suffers from high Covid-19 infections.

 

There are continuing concerns about the increasing Covid-19 cases which will negatively affect oil demand in some countries,
particularly India, the world’s third-largest oil consumer, which by its turn help to further suppress prices.

Indian Ministry of Health

According to the statement issued by the Indian Ministry of Health, 382,000 and 315 new cases
of Covid-19 have been monitored during the last 24 hours in the country, as the total number of cases surpassed 20 million.

 

If a national shutdown is eventually imposed, it would be likely to affect morale, bringing oil to drop again.

 

Mixed performance for American indicators

On Tuesday, trading in US exchanges ended after a decline at the start of the day,
without single dynamics for the three main indicators which changed in the range of 1.9%.

The biggest decline has emerged in the super-tech sector, as profits continued to be reaped after Finance Minister Yellen’s remarks about the possibility of rising interest rates to prevent the economy from warming.

 

Later, Yellen confirmed that such recommendations were not made from the Federal Reserve and she did not expect problems with inflation.

The better dynamics of the market in such circumstances were illustrated by the Dow Jones Periodic Industrial Index.

 

In the morning, futures on the Standard and Poor’s index added about 0.2% as a part of the correction.

Today, the market is waiting for publishing employment data in the private sector next April,
according to ADP data, as well as indicators of business activity in the services sector.

 

Positive push for DAX index

Investors in the German stock market seem to be wanting to take advantage of low prices the day before midweek.

The DAX index rose by 1.1%in the early dealings and it rose again above the 15, 000 mark.

 

On Tuesday, increasing fears of inflation pushed back the German stock market.

When Xetra was closed on the previous day, there was a drop of about 2.49% to 14,856 points.

 

MDAX index fell by 2.65% to record 32,042 points, but it rose again today, just like the DAX index.

Euro Leading EuroStoxx 50 is also positive today.

 

Negative tradings in Asian stock exchanges

The prevailing mood in stock exchanges in East Asia and Australia was mostly calm today.

 

Stock exchanges in Japan, mainland China, and South Korea closed on public holidays,
and Hong Kong retreated by about 0.5% during late dealings.

 

In Singapore, the Times index lost 1.1% at the end of the cycle.

The authorities there tightened communication restrictions to contain the Corona pandemic after the number of cases in the city rose again.

 

In Malaysia, too, new fears have been raised by another wave of epidemics. As a result,
freedom of movement has been restricted in the wealthier and populous Malaysian state of Selangor.

The KLCI index in Kuala Lumpur declined by 0.3%.

A new jump in crude oil prices as US inventories fall significantly

A new jump in crude oil prices as US inventories fall significantly

A new jump in crude oil prices as US inventories fall significantly: The American Petroleum Institute (API) announced yesterday,
Tuesday, May
4, 2021, a significant decline in crude oil inventories by 7.688 million barrels for the week ending April 30th.

Analysts had expected a decline of 2.346 million barrels this week.

The American Petroleum Institute announced a significant increase in oil inventories by 4.319 million barrels in the previous week
after analysts had expected an increase of 659 thousand barrels.

The American Petroleum Institute announced that gasoline inventories fell by 5.308 million barrels for the week ending April 30,
after the previous week’s decline of 1.288 million barrels.

Analysts had expected a withdrawal of 652 thousand barrels for the week.

Distillate stocks also saw a decline in inventories this week by 3.453 million barrels for the week,
after last week’s drop of 2,417 barrels.

Oil prices this week

Oil prices rose the day before the American Petroleum Institute data release,
as the European Union and most of the American states plan to ease the forced closures,
and this step will boost oil demand, even as the number of Coronavirus cases continues to rise in India.

At midday on Tuesday, WTI was trading at $ 65.68, which is 1.85% higher for the day
and $ 3 more per barrel over the same time last week.

Brent crude was trading, up at $ 68.84 a barrel, or which is 1.89% for the day.

After the data was released, the WTI was trading at $ 65.68,
and Brent crude was trading at $ 68.84 a barrel
.

Weekly oil production rates

According to the latest EIA data, with crude oil inventories dropping significantly this week,
US oil production also fell slightly, to an average of 10.9 million barrels per day for the week ending April 23.

 

Iran plans to increase its oil exports after the lifting of US sanctions

An Iranian official confirmed that Iran is able to increase its daily exports of crude oil to 2.5 million barrels after the lifting of US sanctions on its oil sectors,
and there is news promising to return the United States and Iran to a nuclear deal.

Iranian Vice President Eshaq Jahangiri said, “Oil sales have decreased a lot, but now the situation is better,
and we are in control. We will be able to increase oil exports to 2.5 million barrels per day after the sanctions are lifted.”

US sanctions imposed by the Trump administration continue to prevent Iran from exporting all of its oil, as many buyers around the world are unwilling to take risks by doing business with Iran.

Despite this, Iran was able to export a portion of its crude oil, which is estimated at 500 thousand barrels per day.

Currently, the United States is holding indirect talks about the Iran nuclear deal with diplomats in Vienna.

Joe Biden

And US President Joe Biden indicated his willingness to return to the nuclear deal,
but only if Iran returned to full compliance with its nuclear activities.

Iraq may buy Exxon’s stake in an Iraqi oil field 

Iraq could buy ExxonMobil’s 32.7% stake in one of the largest oil fields in OPEC’s second-largest producer, West Qurna 1,
Bloomberg quoted Iraq’s oil minister Ihsan Abdul Jabbar Ismael as saying. 

Reports about the possibility of a major American company liquidating its stake in the large Iraqi oil field are not new.

Last year, Bloomberg reported, the China National Petroleum Corporation (CNPC)
and the China National Offshore Oil Corporation (CNOOC) was interested in purchasing an entire stake in ExxonMobil’s operation in West Qurna,
and the sale of the stake could be worth at least $ 500 million.

As reported at the time.

According to Bloomberg

Exxon has been considering selling its West Qurna 1 stake as it looks to reduce its debt,
which grew in 2020 with the collapse in oil prices, at the same time the
Supermajor is looking to keep its dividends as they are,
according to Bloomberg published last month.

The Iraqi Oil Minister announced that the Iraqi government may now end up buying Exxon’s stake.

The minister added that a possible acquisition would be made through the state-owned Iraqi Basra Oil Company.

In 2010, ExxonMobil signed an agreement with the South Oil Company of the Iraqi Oil Ministry
to rehabilitate and redevelop the West Qurna 1 field in southern Iraq.

Exxon is considered to be the main contractor, and according to a 2010 agreement,
a subsidiary of Royal Dutch Shell has a stake in the West Qurna 1 field.

In 2018

In 2018, Shell sold its stake in West Qurna 1 to the Japanese Itochu Corporation.

Currently, the Japanese company owns 19.6% in the oil field.

Besides the Japanese Itochu and Exxon, the other shareholders in West Qurna 1 are PetroChina with 32.7%,
Indonesia’s Pertamina with 10%, and Oil Exploration Company with 5%.

Today

In his speech to the press today, the Iraqi Oil Minister said that Iraq sees oil prices remain at approximately $ 65 a barrel in the near term.

Oil’s harvest in April: Brent is up 8%.. West Texas is 10%

Oil’s harvest in April: Brent is up 8%.. West Texas is 10% 

Oils harvest in April: Brent is up 8%.. West Texas is 10%: After recording its highest level in six weeks,
at the end of April, crude oil contracts ended their tradings supported by more than 2.3%,
as global crude oil prices jumped again this week after falling last week.

Good news coming from the United States and China caused black gold prices to increase.

 

In this report, Evest is following up on the development of oil performance during last week,
as well as an analysis of its performance during last April.

Oil’s weekly performance

Oil market recorded an upward momentum during last week, as April’s tradings ended in positive results,
despite concerns about demand for oil in India and the decrease in Japanese crude imports which caused oil prices to rise,
as the world prices turned to be declined at the session of the weekend on April 30.

 

West Texas Intermediate crude oil rose by 2.32% to record $ 63.58 a barrel,
while Brent crude oil rose by 1.72% to reach $ 67.25 a barrel.

In the week before the last one, both of them witnessed a decline by 1.57% and 1% in a row.

 

Since the beginning of this week, the tense movement of Covid-19 in India
– the world’s third-largest oil consumer
– has raised concerns about the country’s potential oil consumption.

On April 26

On April 26, at the first session of the week, world oil prices retreated,
when the Technical Committee of the Organisation of Petroleum Exporting Countries (OPEC) recognized
that oil demand could be affected by serious epidemics, referring to this South Asian country.

the market recovered

However, the market recovered during the next trading session when OPEC and its allies, also known as OPEC +,
decided not to change their plan to gradually increase crude oil production, while stating that demand would be recovered.

 

OPEC + assured that the world economy is continuing to recover thanks to unprecedented monetary and financial support and that the momentum
for recovery will be accelerated in the second half of the year.

 

The upward trend in oil prices continued to be maintained at April’s 28-29 sessions,
after the United States, Energy Information Administration reported that the country’s crude oil reserves rose by 90,000 barrels last week,
much less than the increase of 659,000 barrels, which was expected by analysts.

Petroleum products

Meanwhile, inventories of dripping Petroleum products declined by 3.3 million barrels,
while refineries increased their operations to 85.4% of their production capacity, which is the highest level since March 2020.

 

Until the last session of April, oil prices declined to close the week of erratic volatility. At the end of this session,
in New York, the price of June’s light crude oil fell by $ 1.43 (2.2%) to record $ 63 58 a barrel,
while in the London market, the price of Brent North Sea oil of the same period’s
delivery retreated by $ 1.31 (1.9%) to reach $ 67.25 a barrel. 

 

This is the strongest daily decrease for both oils during the last 3 weeks. However, over the entire week,
the price of Brent oil continued to rise by 1.7%, while West Texas Intermediate crude oil rose by 2.3%.

 

The United States and China have the largest merit in prices support

The United States stated that in the first quarter of the year 2021, its economy grew by 6.4%.

This growth shows that the US economy has begun to recover after being stagnated by the Corona pandemic.

 

The United States is the world’s largest consumer of crude oil.

Therefore, when the economy shows high growth, demand for crude oil is likely to be increased.

US Central Bank

In fact, many economists, including the US Central Bank (Federal Reserve),
except that this year’s GDP for the country will be the best since 1984.

 

The policy-Making Committee of the Federal Reserve said: “Amid the progress of the vaccination program and strong policy support,
economic and labor indicators have shown a strengthening”.

Federal Reserve Bank

In its announcement, the Federal Reserve Bank decided to maintain the record interest rate at 0.25%,
and the bond purchase program (quantitative easing) worth $120 billion a month.

The Federal Reserve’s interest rate will be only raised in 2023 at least.

 

This policy is thought to keep the US economy growing rapidly,
which leads to providing a positive sense towards crude oil.

Good news

On the other hand, also the good news came from China, the world’s second-largest consumer of crude oil.

China’s data show that the manufacturing sector in April is still maintaining expansion with an index reading of 51.1.

 

Manufacturing activity is measured from the Purchasing Managers Index,
as figure 50 represents the boundary between expansion and contraction.

Above means expansion, whereas below means contraction.

 

When the Covid-19 pandemic attacked the world last year, China’s manufacturing sector only contracted once,
specifically during February 2020.

China’s continued industrial expansion is considered good news for crude oil, as it is also related to the demand for black gold.

Monthly performance in April

Brent crude oil jumped by 8%, while West Texas Intermediate crude rose by about 10% during April.

 

This is the fifth month in which oil prices had been rising in the half of last year as global demand
is expected to be returning to levels closer to pre-epidemic ones.

 

Increasing fuel consumption in the United States, China, and the United Kingdom
(roads fuel sales increased by the same amount as last summer)
made the market more optimistic, even as the epidemic spread in India, Brazil, and Japan.

according to analysts

However, according to analysts, the recovery in demand after Covid-19 has not been uniform and the number of cases in India continues to increase sharply,
reducing the increase of oil demand. It is too early for all forecasts of oil prices to rise to $ 70 a barrel.

Some analysis confirms that the price of $ 70 a barrel could be reached in the third quarter.

A bad day in Wall Street.. Oil is rising, supported by expectations of increased demand from China

A bad day in Wall Street.. Oil is rising, supported by expectations of increased demand from China

A bad day in Wall Street.. Oil is rising, supported by expectations of increased demand from China :

On Wednesday, at their interest rate meeting, monetary observers in the United States stuck to their historically lax monetary policy- as it was generally expected, prompting markets to interact with this event.

 

Through the following lines, Evest is following up the echo of this decision on markets,
in addition to the latest developments in the oil market.

 

Oil is taking advantage of increased demand from China

Today, oil prices rose amid signs of rising demand for oil in major markets.

 

The cost of Brent crude futures for June in the London Futures Exchange reached $ 67.44 a barrel,

$ 0.17 (0.25%) higher than the closing price of the previous session.

As a result of Wednesday’s trading, these contracts rose by $ 0.85 (1.3%) to record $ 67.27 a barrel.

 

The price of West Texas Intermediate crude futures for June in electronic trading in the New York Mercantile Exchange (NIMEX) reached $ 64.01 a barrel, $ 0.15 (0.23%) higher than the level at the closing of the previous session.

Yesterday, the value of these contracts increased by $ 0.92 (1.5%) to record $ 63.86 a barrel.

 

According to Bloomberg, in the United States, the demand index for petroleum products has increased to its maximum during 2 months.

At the same time, US Department of Energy data, published yesterday,
showed the maximum decrease in distillation inventories in the country since the start of March.

The US Department of Energy

The US Department of Energy announced that US oil reserves rose by 90,000 barrels last week.

Gasoline inventories increased by 92,000 barrels, while distillation output inventories declined by 3.34 million barrels.

China

In China, fuel consumption may increase in light of the upcoming long weekend,
as the population of the People’s Republic of China usually travel actively during holidays.

 

Reuters

According to Reuters experts, although the Covid-19 pandemic continues to hit several parts of the world, the demand for oil is steadily recovering thanks to increasing consumption in the United States and China’s mainland.

 

Earlier this week, OPEC + countries retained their previous decision on April 1 to gradually increase production in May and July.

OPEC + will decide production levels for August, by the end of June.

 

While the prospects for better economic development in the leading industrialized countries support oil prices,
prices have also been curbed at the same time by fears that the Corona crisis will continue to develop.

In particular, it has been argued in the market that the sharp increase in numbers of new infections in India has alarmed investors, as South Asian countries are one of the world’s major importers of oil and they are struggling against Corona pandemic like any other region in the world.

 

Although the increasing number of new Corona infections in India, Japan, and Brazil, for the first time,
there is a growing hope that demand for oil will rise in the coming summer months.

Progress in vaccination in North America and Europe was primarily responsible for this.

 

A bad day in Wall Street

Yesterday, the United States stock market performance was bad, as all 3 major indexes declined.

 

The Dow Jones Industrial index closed 0.5% down at 33.820 points.

The Standard and Poor’s 500 indexes recorded a further record high of 0.57% at 4201 points during trading,
but it fell again at the end of trading and it retreated by 0.1% to record 4183.18 points.

 

The heavy tech Nasdaq index fell by 0.42% to reach 13901 points.

 

The mood did not help the fact that the United States Federal Reserve Board left the main interest rate at 0-0.25%
and it did not change the assets purchase program too.

Jerome Powell

Fed Chairman Jerome Powell stressed that, despite the improvement of the economic situation, they were still far from being satisfied.

The rapid reporting season is well underway, as Apple, Alphabet the parent company of Google, and also Facebook, have reported remarkable results.

 

For his part, President Joe Biden put his $ 1.8 trillion plan to boost social spending and consider raising taxes on the richest population, at the Congress table.

 

On the macroeconomic front, indicators of US GDP and demands for unemployment benefits are expected.

 

In particular, investors are focusing on US private consumption figures during the first quarter of 2021,
US outstanding house sales and the European Central Bank’s cash supply in March.

 

Positive sentiments in Asian markets.. Tokyo is closed today

For the second day, Asian markets gain, as investors are reassured by the investment plan announced by the US president,
Joe Biden, besides the effects of US tech giants’ results on American markets.

 

This satisfaction also comes from the absence of something new fundamental at the Fed meeting, which is not currently assessing the possibility of considering a planned decrease in economic support with the Covid-19 pandemic.

In Asian markets, trading sentiments were good, as Shanghai Stock Exchange rose by 0.3%, while Hong Kong Exchange rose by 0.6%.

Australian stock market rose by 0.3%, while the Korean Kospi and Singapore indexes are stagnant.

The Japanese stock exchange is closed because of holidays.

 

DAX may not be positively moving today

The opening of European exchanges is expected to be positive today,
supported by the assurances reached on Wednesday by the Federal Reserve and quarterly reports of tech giants which were higher than expected.

 

June futures on FTSE Mib rose by 0.32%, compared to Eurostoxx 50 by 0.23,
which are similar to the contracts of major European indicators.

 

On the other hand, the United States Federal Reserve’s commitment to its historically lax monetary policy
should not drive the German benchmark as it did in Wall Street on the day before.

Oil is supported by OPEC and expectations of a recovery in demand..

Oil is supported by OPEC and expectations of a recovery in demand.. Asian indicators are green

Oil is supported by OPEC and expectations of a recovery in demand: At its last meeting,
OPEC recommended maintaining its decision taken this first month,
to gradually increase production over the next two months,
which led to support for oil prices to rise again after the crises which they recently witnessed
as a result of the bad global epidemiological situation, particularly in Asia.

At the same time, announcements for companies’ financial results continue to receive widespread attention among traders.

 

Evest is following up with you all this and more on a daily basis,
and it presents details in the following lines.

 

OPEC’s decisions support oil prices amid a difficult epidemic atmosphere

Today, oil prices rose, after OPEC Alliance Control Group recommended maintaining the April 1 decision
to gradually increase production in May and July.

June

June futures price of Brent oil on London Futures Exchange recorded $ 66.08 a barrel,
0.32%higher than the closing price of the previous session.

West Texas

The price of West Texas Intermediate crude oil futures in June at electronic trading on the New York Mercantile Exchange (NYMEX),
was $ 63.20 a barrel, 0.41% higher than the level of closing in the previous session.

OPEC

Oil prices rose after the OPEC + control group recommended commitment to plans to return 2.1 million barrels of crude oil daily
to the market in three phases from May to July.

This volume includes 1 million barrels a day, which Saudi Arabia voluntarily cut its production earlier.

 

The Organisation of Petroleum Exporting Countries (OPEC) and OPEC Group,
which consists of some oil-producing countries out of OPEC referred to a strong global economic recovery.

 

OPEC countries hinted that the global economy is recovering and this recovery is expected to be accelerating during the second half of the year,
at today’s 16 ministerial meetings, but with a surprise that began yesterday.

This recovery is expected to be accelerated in the second half of the year during May and June.

They decided to continue this plan to phase out daily oil production cuts for July.

Reuters

Analysts of Reuters said: “they seem to have looked at the situation in India and Brazil and decided that these are”real” risks,
but now there is still a possibility of increased demand”.

 

The rapid spread of the Covid-19 virus in India led to a halting in the rise in oil prices due to low fuel consumption and refining volume in the county,
which is the world’s third-largest oil consumer.

However, the market expects that sustained economic recovery in the United States and China will exceed this effect.

Indian Ministry of Health

According to the statement issued by the Indian Ministry of Health, 352,991 cases were monitored during the last 24 hours,
while the total number of cases was about 18 million.

The daily number of cases in the country was at its highest level ever around the world since April 22.

 

On the other hand, the American Petroleum Institute stated that US oil inventories rose by 4.3 million barrels last week,
while gasoline inventories declined by 1.3 million barrels and distillation products decreased by 2.4 million barrels.

 

Today, official oil inventory data will be issued by the United States Energy Information Administration.

 

Positive outlook from Goldman Sachs for oil and gold

The American Goldman Sachs Bank expects a further 13.5% rise in raw materials in the coming 6 months,
thanks to a reversal of restrictions due to the virus all over the world,
and it also predicts low interest rates and a weaker dollar.

 

Now, the bank expects that the price of a barrel of Brent oil will rise to record $80,
while the price for a barrel of West Texas Intermediate oil will be $ 77 during that six-month period.

 

The bank said: “We expect the biggest jump in oil demand in history,
with an increase of 5.2 million barrels a day in the next 6 months”,
citing the acceleration of vaccines in Europe and the freedom of travel movement.

 

The bank added that the easing of international travel restrictions in May would witness global demand recovery for aviation fuel by 1.5 million barrels a day.

 

The Bank expects $ 2,000 an ounce for gold in the coming 6 months.

It said it is too early for Bitcoin to compete against gold to seek safe haven, adding that the 2 could coexist.

 

The bank said: “while Bitcoin benefits from increased liquidity,
it suffers from actual underutilization and a weak degree of environmental,
social and governance, owing to its high energy consumption”.

 

The bank added that such intensive use of energy makes the cryptocurrency vulnerable to losing its value store demand to a better-designed competitor.

 

Although China will continue to play an important role in the demand for raw materials,
the bank added that it is not expected to be the only major source of growth in the next decade.

 

Positive tradings in Asian Exchanges

Today, Asia was determined by moderately positive stock-index dynamics, as Japan’s Nikkei 225 index rose by 0.2%.

 

Both China’s Shanghai Composite and Hong Kong’s Hang Seng indexes rose by 0.3%.

Tokyo Stock Exchange

Today, Tokyo Stock Exchange slightly rose, supported in particular by a weak yen,
a favorable exchange rate move for Japanese-issued stocks,
but caution prevailed before the end of the US Federal Reserve Board meeting.

 

Today, official data showed a rise in retail sales in Japan by 5.2% in March compared to the same month last year.

Compared to February, prices of retail sales rose by 1.2%.

Experts predicted an average increase of 4.7% and 0.9% in a row.

the United States Central Bank

After the April 27-28 meeting, the United States Central Bank is likely to confirm that it intends to continue buying assets
of the same size until “significant progress is made” in moving towards the targets of maximum employment and price stability goals.

 

At the same time, experts who were interviewed by Bloomberg, believe that even before the end of this year,
the Federal Reserve will declare plans to reduce monthly operations of gradual rebuying for assets as a part of the quantitative facilitation program,
as the US economy quickly recovers from the crisis caused by the coronary virus pandemic.

 

Now, experts expect an increase in the basic interest rates in the range of 0.0% to 0.25%annually, but not before 2023.

An unexpected rise in US oil inventories

An unexpected rise in US oil inventories

An unexpected rise in US oil inventoriesYesterday, Tuesday, April 27, 2021,
the American Petroleum Institute announced a significant increase in crude oil inventories,
which reached 4.319 million barrels for the week ending April 23rd.

Analysts had expected inventories to increase by only 659,000 barrels this week.

The American Petroleum Institute

The American Petroleum Institute announced an increase in oil inventories by 436 thousand barrels in the previous week
after analysts had expected a decline of 2.860 million barrels.

The API also announced that gasoline inventories fell by 1.288 million barrels for the week ending April 23
– after the previous week’s withdrawal of 1.617 million barrels.

Analysts had expected an increase of 508 thousand barrels for this week.

Distillate stocks were subject to a decrease in inventories this week by 2.417 million barrels over the course of the week,
after last week’s increase of 655 thousand barrels.

Oil prices this week

Oil trading prices rose the day before the data was released despite the huge increase in the number of people infected with Coronavirus in India,
the third-largest importer of oil in the world, after it was decided during the OPEC meeting to cancel
the regular ministerial meeting that was scheduled to be held on Wednesday,
with a recommendation, No changes were made to the group’s production share in May.

Before midday, WTI was trading at $ 62.87, or an increase of 1.55% on the day and about $50 a barrel higher than at this time last week.

Brent crude was up at $ 66.39 a barrel, or 1.13% higher for the day.

After the data was released, at midday, WTI was trading at $ 63.24 while Brent crude was trading at $ 66.75 a barrel.

Weekly production rates

While crude oil inventories rose significantly this week, US oil production stood at an average of 11.0 million barrels per day for the week ending April 16,
according to the latest data released by the Energy Information Administration.

Cushing’s inventory numbers also increased by 742,000 barrels.

OPEC maintains its steadiness to reduce production

The OPEC group will not hold a full ministerial meeting on Wednesday as scheduled,
as agreed by delegates in the Joint Ministerial Monitoring Committee in their meeting yesterday,
which indicates confidence in the current plans to ease production cuts as of May despite the high cases of Coronavirus in India,
the main petroleum importer.

Oil prices rose on Tuesday morning due to news issued by Vienna indicating that OPEC believes
that the market will be able to absorb the increase in oil supply as of 1
st May,
despite the increasing cases of Coronavirus infection in the third-largest oil importer in the world, India.

In the previous ministerial meeting, OPEC decided in early April to gradually return more than
one million barrels per day to the market during the period from May to July.

Saudi Arabia

Saudi Arabia will also begin to cancel its additional unilateral cut of 1 million barrels per day,
starting with an increase in production by 250,000 barrels per day in May.

OPEC said that the Secretary-General “highlighted the positive path of the global economy,
along with stimulus measures, progress in the field of vaccinations and the summer travel season,
as driving forces to improve the outlook for oil demand in the second half of the year.”

After this month’s meeting was abandoned, OPEC ministers are scheduled to hold their next meeting in early June.

Exxon’s discovery of a new oil area

ExxonMobil and its partner Hess announced the discovery of a new oil point in the Stabroek Block,
a discovery that would add to the 9 billion barrels of oil equivalent that have already been announced in more than a dozen discoveries in the region.

Exxon said in a statement that the latest oil discovery was made at the Uaru-2 well,
which showed high-quality reservoirs carrying oil including newly identified periods under the original Uaru-1 discovery,
which was discovered in January 2020, which is the sixteenth discovery at Stabroek Block.

Exxon and its Stabroek Block partners made more than a dozen important discoveries in the region in less than five years,
making Guyana the newest oil-producing country in December 2019.

Exxon and Hesse expect to implement at least six projects online by 2027 and see the possibility of up to 10 floating ships
for storing and offloading production to develop existing recoverable resources offshore in Guyana.

Last month

Last month, Guyana President Irfan Ali said that the first phase of the offshore LIZA project – the first oil-producing project in Guyana led by ExxonMobil –
had reached its full planned production capacity of about 130,000 barrels per day (BPD).

The second phase of the LIZA project is designed to pump up to 220,000 barrels per day (BPD) with a floating, production,
storage and offloading vessel (FPSO), with startup expected in the middle of next year, Exxon says.

Guyana is one of the top priorities in the U.S. supermajor’s strategy to focus on high-return and cash-generating projects
that would allow it to grow its dividend through 2025.

Last September, Exxon said it had made the final investment decision on the Payara offshore field in Guyana,
expecting Payara to yield up to 220,000 BPD of crude when commercial production begins in 2024.

The attack on an oil tanker on the Syrian coast

The Syrian Ministry of Oil stated through the media, that a drone attack set fire to an oil tanker close to the Syrian coast,
and the Ministry suspects that the attack came from the Lebanese coast.

A news channel quoted an Iranian TV station report as saying that the tanker was Iranian, suffering some losses.

However, another Iranian media outlet, Tasnim Agency, said that “the accident happened to another ship …
and it has nothing to do with a ship carrying Iranian cargo.”

TankerTrackers

TankerTrackers .com confirmed that the tanker that was struck was not an Iranian ship, but a Lebanese ship.

The tanker that was seen burning today near the coast of Benias is not an Iranian ship,
but a Beirut-registered oil tanker called WISDOM.

The Iranian supertanker “Arman 114” (like ADRIAN DARYA-1) helped unload 300-350 thousand barrels at one time. Due to depth restrictions.”

The Syrian media initially expressed doubts that the attacks were carried out by the Israeli army,
but Israeli media reported that the fire on the tanker was not the result of an Israeli attack.

With regard to human losses, the Syrian Observatory for Human Rights said at its headquarters in Britain
that at least three people were killed in the attack.

The “Times of Israel” newspaper said the fire was quickly extinguished, and there were no reports of injuries.

Wall Street

The Wall Street Journal previously reported that the Israeli army had been targeting Iranian oil tankers heading to Syria on several occasions,
quoting officials in America and the Middle East as saying that Israel is concerned that oil profits finance regional extremism.

Iran is the largest supplier of crude oil to Syria.

Israel has been fighting Iran’s influence in the Middle East for decades,
and now with Iran’s alliance with Syria, Syria has become a target of repeated attacks from Israel.

An unexpected rise in US oil inventories

Oil rises with the support of OPEC.. The epidemiological situation

Oil rises with the support of OPEC.. The epidemiological situation in Asia is negatively affecting the stock market

Oil rises with the support of OPEC: Today, new developments are taking place in the economic landscape,
as oil has been able to rise again with the support of statements by OPEC
that oil demand expectations have been improved during the current year.

 

India’s bad epidemiological situation continues to cast a shadow on the Asian stock market, amid a decline in most the Asian indices,
and expectations of following European indicators for stock exchange performance in Asia.

Evest is following daily what happens in markets, and it tries to transmit it to you to help you make the right decision when trading.

 

Oil is rising on the back of positive statements by OPEC

Today, Oil prices rose amid improving demand expectations for this year by the OPEC + Technical Committee.

 

In London Futures Exchange, the cost of Brent crude futures for June was $ 66.01 a barrel, $ 036 (0.55%) higher than the closing price of the previous session.

As a result of Monday’s trading, these contracts retreated by $ 046 (0.7%) to record $ 65.65 a barrel.

 

The price of West Texas Intermediate crude futures for June in electronic trading in the New York Mercantile Exchange ( NYMEX) was $ 62.26 a barrel, $ 0.35 (0.57%)higher than the level of closing of the previous session.

On Monday, the value of these contracts declined by $0.23 (0.4%) to record $ 61.91 a barrel.

 

Rising oil prices come against the backdrop of OPEC + decision to postpone the Oversight Committee meeting until April 27.

OPEC notes a decrease in the market surplus of raw materials, however,
an increase in the number of Coronavirus cases in India may lead to lower demand for oil.

On Monday

On Monday, delegates at the meeting said that Technical Committee experts raised the forecast for oil demand growth in 2021
to 6 million barrels a day from 5.6 million barrels a day that was expected in March.

 

At the same time, they believe that the excess reserves of oil that were formed in the global market during the epidemic
will completely disappear by the end of the current quarter.

OPEC Secretary-General Mohamed Barkindo also said that the outlook for the oil market was improving,
referring to “positive indicators for the world economy”.

However, he stressed that there were many factors that required constant observation and vigilance.

 

The Technical Committee of OPEC + had also warned that the difficult epidemiological situation in India,
Japan and Brazil could limit the increased demand for oil.

Reuters analysts

According to Reuters analysts, OPEC +countries which will meet this week should take growth prospects in China,
the United States, Europe, and negative signals from India and many other regions, into consideration.

 

OPEC + countries that support increasing production under these circumstances will be able to find compelling arguments for their position.

 

On the other hand, the Indian government had ordered the army to help in combating Coronavirus, while countries such as Britain, Germany, and the United States had promised to assist.

 

If a country such as India is able to control the increase in the daily numbers of Covid-19 infections, this will mean a breakthrough for oil prices,
mainly due to the increase in the numbers again in the most oil-demanding countries, mainly India, in addition to the epidemiological situation in some other Asian countries such as Japan.

 

The collective decline for Asian indicators

Today, Asia’s main stock exchanges retreated, as the number of Coronavirus infections,
which is increasing again in some countries, overshadows prospects for further economic recovery.

In addition, some investors continue to gain profits.

 

Leading indicators had been declined in the Asia-Pacific region, like risk-taking and economic expectations
had been worsened due to rising numbers of patients in some countries such as India.

Bank of Japan did not change its monetary policy as was expected,
but it lowered its forecast for its core inflation for the fiscal year 2021 from 0.5% to 0.1%.

 

Japanese leading Nikkei 225 index had recently decreased by 0.2%.

The CSI-300 index, which includes the top 300 companies listed in mainland China exchanges,
declined by a half percent, while in Hong Kong, Hang Seng Index recently lost 0.2%.

In Sydney, the stock exchange fell by 0.23%, while Seoul retreated by 0.11%.

 

American losses and expectations of positive tradings today

Yesterday, US exchanges remained close to their last high records.

However, the Dow Jones Industrial index gave up its opening gains during trading and closed at minor losses.

The Standard and Poor’s 500 indexes declined again after it achieved a record level.

In general, trading was very quiet and within narrow trading margins.

Dow Jones Industrial index

The Dow Jones Industrial index fell by 0.18%, while the Standard and Poor’s index fell by 0.22%,
and the Nasdaq Composite Index retreated by 0.87%.

Futures indicators are likely to slightly rise for today’s opening.

The Federal Reserve Open Market Committee will meet for 2 days, starting from today.

Monetary policy is not expected to be too lax, but investors will pay close attention
to Fed Chairman Jerome Powell’s press conference, especially as inflation rises.

 

Expectations for the start of European indicators in the red zone

Analysts expect that the FTSE index in London will decline by 13 points, the DAX index in Frankfurt will fall by 32 points,
and the CAC index in Paris will retreat by 15 points, while the FTSE MIB index in Milan may rise by a few points.

 

HSBC, Europe’s largest bank, based in London, released its first-quarter report: Revenues fell short of expectations,
but its pre-tax profits rose by 79% to $ 5.8 billion, exceeding the forecast of $ 3.34 billion.

 

In Europe, reports from BP, UBS, ABB Schneider Electric, Novartis, and Whitbread will be more interesting during the day,
while in the United States, the market awaits reports from Alphabet, Microsoft, Starbucks, and AMD.

Markets are watching epidemiological situations and OPEC meetings.. Negative performance for oil and some Asian exchanges

Markets are watching epidemiological situations and OPEC meetings.. Negative performance for oil and some Asian exchanges

Markets are watching epidemiological situations and OPEC meetings: Today, a strong start of a week, as there seems to be a lot on markets,
headed by the upcoming OPEC meeting and completion of corporate results announcement in addition to epidemiological situation hitting a number of Asian countries especially in Japan and India.

 

Evest is following up all of this on a daily basis and it transmits it directly to you to help you make wise decisions for trading.

 

Oil begins this week on retreating

Today, oil prices began a new week on new declines, as investors continue to monitor epidemiological situations in Asia,
and they are also looking forward to the OPEC meeting scheduled for this week.

 

The cost of Brent crude futures for June in the London Futures Exchange was $ 65.67 a barrel, $ 0.44 (0.67%) lower than the closing price of the previous session.

As a result of Friday’s trading, these contracts rose by $ 0.71 (1.1%) to record $ 66.11 a barrel.

 

The price of West Texas Intermediate crude futures for June delivery in electronic trading in the New York Mercantile Exchange (NYMEX) was $ 61.76 a barrel,
$ 0.38 (0.61%) lower than the closing level of the previous session.

 

On Friday

On Friday, the value of these contracts rose by $ o.71 (1.2%) to reach $ 62.14 a barrel.

 

As a result of last week’s trading, Brent crude declined by 1%, while West Texas Intermediate crude retreated by – 1.7%.

However, since the start of the year, oil prices have generally risen by more than 27%.

 

 After a strong start for this year, oil prices had recently stalled slightly.

Fears are mainly directed towards India, one of the world’s largest oil consumers.

The epidemiological situation there is very tense and it is likely to have consequences for energy demand.

 

In contrast, the United States and China’s performance- two large oil consumers- are doing better.

In Europe, too, there are increasing signs of economic recovery.

Investors

Investors’ sentiment is under pressure due to the deteriorating epidemiological situation in some Asian countries.

In 4 Japanese provinces such as Tokyo, Osaka, Kyoto, and Hyogo, a state of emergency was declared, which will last until May 11.

At the same time, 349.69 thousand new cases of Covid-19 were recorded in India on April 24.

 

The market is following the development of the situation in India, which has raised some fears about oil demand in the region.

The situation in India, the world’s third-largest oil importer, will be the focus of participants of the OPEC + meeting.

This situation may be a problem for OPEC + countries, which had previously decided to increase oil supplies in May.

This year’s strong beginning for global crude oil prices somewhat declined in mid-March,
as stronger waves of Covid-19 pandemic began hitting some regions around the world.

likely to remain on track

This week, OPEC + countries are likely to remain on track,
as global fundamentals in oil markets have not changed enough since their previous meeting,
requiring changes in the agreement of oil supplies from individual coalition countries.

 

At the same time, analysts believe that meeting will not lead to unexpected decisions, and OPEC + will increase production as planned.

 

The market is also under pressure from prospects of increasing oil exports from Iran.

Last week, Iranian President Hassan Rouhani expressed his optimism that an agreement could be reached between Washington and Tehran
regarding Iran’s nuclear program, noting the progress of negotiations by nearly a 60 to 70% manner.

According to Reuters

According to Reuters, this deal will severely affect morale in markets,
but the result may not be bearish as some believe,
because negotiations have been going on for some time and at the same time Iran has already begun to increase supplies.

 

Meanwhile, data from US oil services company Baker Hughes, published last Friday,
showed a decrease in the number of oil and gas platforms operating
in the United States last week by one unit to reach 438 drilling platforms.

 

Contrast performance for exchanges in Asia

 

Major exchanges in Asia and Pacific had not moved in any particular and steady direction in the middle of the quarterly season,
ahead of the Federal Price Commission meeting scheduled for Wednesday.

 

After a weak start, Tokyo Stock Exchange had closed in a positive area, as support for gains in Wall Street and US indicators
were overshadowed by the Japanese health situation, at the end of last week.

Nikkei index

The Nikkei index rose by 0.36% to record 29126.23 points and the expanded Topix index rose by 0.17% to reach 1918.15 points.

 

Over the entire last week, the Nikkei index fell by more than 2% in facing a possible new emergency state in 4 Japanese provinces, including Tokyo, from Sunday to May 11.

 

This resolution against the epidemic presents more severe measures than they have been since the start of the year in Japan
while remaining moderate compared to restrictions observed in some other places of the world.

 

It mainly is to claim full closure over a period of time for bars offering alcohol,
as well as parks, shops, and shopping centers.

Hong Kong Stock Exchange

In China, the Hang Seng Index in Hong Kong Stock Exchange fell by 0.19%,
while the Composite indexes of Shanghai and Shenzhen were also moving in the red zone.

 

Both Taiwan, Seoul, and Mumbai Exchanges rose by 1.57%, 0.73%,
and 1.4% in a row, while Sydney Exchange was weak and retreated by 0.21%.

 

Today’s expectations are high for DAX but CAC and Footsy are retreating

On Monday, major European exchanges are expected to largely start unchanged,
on eve of a new crowded week in publications of results of companies, economic indicators, and monetary policy announcements.

 

French CAC 40 futures are expected to start in a slight decline of 0.03%,
while the German DAX index may rise by 0.1%.

Expectations indicate the British FTSE index to retreat by 0.08%.

 

Last week, European indexes showed their first drop during 8 weeks,
as concerns were raised regarding a potential increase in taxes in the United States,
which fuel gains operations in markets.

 

Markets are watching epidemiological situations

Bullish and bearish affect oil performance to trade without a clear direction

Bullish and bearish affect oil performance to trade without a clear direction

Bullish and bearish affect oil performanceOn Friday, oil prices closed in the green zone,
particularly driven by Libyan supply disruptions, but there were weekly losses in a market
that was concerned about devastating effects of demand because of an increase in the number of Covid-19’s infections, particularly in India.

 

On Friday, the price of Brent crude barrel of North Sea for June delivery ended at $ 66.11 in London,
rising by 1.09% from the closing of the previous day.

 

In New York, the price of West Texas Intermediate crude for the same month rose by 1.16% to record $ 62.14 a barrel,
but during the week, Brent crude fell by 0.91%,
while West Texas Intermediate crude declined by 1.47%.

 

Detailed performance of oil during last week

 

At the first session of last week, specifically on April 19, global oil prices rose in the context of the US weak dollar.

However, momentum had been constrained by concerns about an increase in the number of Covid-19’s cases in India,
the world’s third-largest importer and consumer of oil.

 

Bearish trend continued for 2 consecutive sessions on 20 and 21 April,
because of fears that India may impose restrictions on movement and
closure that would reduce fuel demand in the third-largest oil importer in the world.

 

On 22 April, world oil prices were almost unchanged when the news showed that decline in crude oil production in Libya partially offset expectations that the number of new cases of Covid-19 had increased in India and Japan, and it would reduce the ban on energy demand.

 

At the end of the week, positive signs of increasing oil demand in the West helped in supporting rising prices of oil.

During the last four weeks, the US average gasoline demand was 8.9 million barrels a day,
by an increase of 61.5%, over the same period of last year.

Domestic demand recorded a strong recovery trend as summer tourism season began.

 

At the end of the session on April 23, the price of North Sea Brent crude oil rose by 71 cents (1.1%) to record $ 66.11 a barrel.

The price of US light crude oil (WTI) rose by 71 cents (1.2%) to record $ 62.14 a barrel.

 

Factors of oil ups and downs overlap

The deteriorating health situation in India, disruption of supply from Libya, and a series of US powerful economic data,
all this makes us unexpected a clear and explicit trend as it is just as there are bearish factors, there are also bullish ones.

 

India, the world’s third-largest consumer of black gold (oil), was strongly hit by a new wave of Covid-19.

During the last 24 hours, 330,000 new infections and 2,,000 deaths have been recorded.

 

In response to the government, a quarantine was imposed in New Delhi for a week as well as closing all non-basic stores in Maharashtra,
while Uttar Pradesh, with a population of 200 million, imposed a closure during the weekend,
along with 13 other states across India that decided to impose restrictions, curfew, or blockades.

 

Several countries, including Australia, Britain, Canada, and the United Arab Emirates,
have banned travel to the country and suspended flights from India.

Japan recently announced new closures in Tokyo, Osaka, and 2 other provinces on Friday.

 

After China and the United States, India and Japan are respectively the third and the fourth largest oil importers in the world.

 

If the Indian situation is worrying about global demand,
the picture seems more reassuring than the American and European sides.

 

In EuroZone, Purchasing Managers’Index (PMI) data for April showed a stronger recovery than expected.

More European countries began to ease closures due to Coronavirus.

France announced that schools will open on Monday.

 

US data are added to optimistic expectations, as numbers of Americans applying for unemployment benefits declined
to the lowest level during 13 months last week.

 

On Thursday, during the presentation of its quarterly results,
Texas-based refinery and Petroleum distribution giant Valero announced that gasoline demand reached 93% of pre-epidemic levels,
while diesel demand reached 100%.

Reuters

According to Reuters, the company’s CEO said that international oil activity must increase until the end of this year and beyond.

 

In addition, this week’s supply has been disrupted by the situation in Libya, leading to higher prices.

 

At the start of the week, Libyan National Petroleum Company (NOC) announced a state of force over one of Libya’s major oil ports.

This led to a halt in its exports, owing to failure to shift its balance by the Central Bank,
although recently, there has been political progress in the country.

 

US energy companies reduced numbers of operating platforms for the first time since March.

Energy services company Baker Hughes stated that the recent number of active diggers stands at 438 platforms,
down by only one compared to the previous week.

 

Before this week, drilling workers added diggers for 5 weeks in a row
and they had risen by 80% since dropping to a record of 244 in August 2020.

 

Investors did not seem to react strongly this week to a sudden rise in United States crude inventories by 594,000 barrels,
unlike polls that indicated a decrease of 3 million.

last month

During last month, demand for automobile fuel in the United States averaged nearly 9 million barrels,
60% more than the level of the same period last year.

There are expectations for higher spending and expensive trips for summer.

 

It should also be noted that prices of the 2 major oils have increased by more than 27% compared to the start of the year.

Prospective statement from European Central and oil market is stumbling again

Prospective statement from European Central and oil market is stumbling again

Prospective statement from European Central and oil market is stumbling again:
Today, European markets are waiting for the European Central Bank statement.

Although all expectations indicate that no new decisions are taken regarding interest rates and critical facilities,
the event is internationally interested in traders.

 

Evest is following up daily all market developments and relays them to you in detail.

 

Oil retreats after increasing US inventories according to official data

Today, benchmark oil prices retreated amid unexpected increases in US oil inventories
and concerns about fuel demand due to the rise in Covid-19 cases in Asia.

 

In the London Futures Exchange, the June futures cost of Brent oil was $ 65.13 a barrel,
$ 0.19 (0.29%) below the closing price of the previous session.

As a result of Wednesday’s trading, these contracts declined by $ 1.25 (1.9%)- to record $ 65.32 a barrel.

New York

In New York Mercantile Exchange (NYMEX), West Texas Intermediate crude futures price for June delivery was $ 61.13 a barrel,
$ 0.22 (0.36%) lower than the level at the end of the previous session.

On Wednesday, the value of these contracts fell by $ 1.32 (2.1%) – to reach $ 61.35 a barrel.

 

On Wednesday, both contracts closed at their lowest level since April 13.

MarketWatch

According to MarketWatch, there are many driving forces in the energy market at present time,
including growing concerns about the spread of Covid-19 all over the world,
undermining recovery in consumer demand.

 

US commercial oil reserves rose by 594,000 barrels last week,
according to a weekly report by the County’s Department of Energy.

This is the first increase in US oil inventories in 4 weeks.

 

Gasoline inventories rose by 85,000 barrels.

Commercial inventories of trailers declined by 1.07 million barrels.

Bloomberg predicted

Experts interviewed by Bloomberg predicted a reduction in oil inventories by 3.55 million barrels,
an increase in gasoline inventories by 1 million barrels, and a reduction in distillation stocks by 1.7 million barrels.

 

Analysts polled by Standard and Poor’s Global Platts expected an average declined by 4.4 million barrels in oil inventories last week.

On the other hand, investors are concerned that the spread of Coronavirus is intensively returning in many Asian countries,
calling into question about possibilities of a recovery in global demand.

Fears of an increase in cases of new Coronavirus

Fears of an increase in cases of new Coronavirus (Covid-19) infections in countries such as Japan,
the world’s third-largest oil importer and India,
the world’s third-largest oil consumer will have a negative impact on global economic recovery.

 

Indian authorities announced new quarantine procedures in a number of cities, including New Delhi.

At the same time, in some Japanese provinces, an emergency system may be introduced due to an increase in the number of infections
– although the Olympics will start in the country within only 3 months.

Prime Minister Suja Yoshihide

Prime Minister Suja Yoshihide reported that they are planning to declare a state of emergency
against increasing cases in Tokyo, Osaka, and Hyogo regions.

While experts warn that the Indian health system is on the verge of collapse,
they point to the highest levels of operation rates in hospitals,
as 314,835 new cases were monitored during the last 24 hours, and the total of cases was 15.930,000 million.

 

Market participants are also focusing on prospects of adopting the NOPEC Act (law banning the production and exporting oil) in the United States,
under which the US Department of Justice will be able to bring monopoly lawsuits against OPEC countries, as analysts say.

Petroleum Exporting Countries

Markets are focusing on the meeting at which the Organisation of Petroleum Exporting Countries (OPEC) and OPEC Group,
which consists of some non-OPEC producing countries, will meet on April 28,
to discuss the size of cuts they will implement in May.

 

Next week, the Organisation of Petroleum Exporting Countries (OPEC) and its allies will meet,
but significant changes are unlikely to be conducted on current production cuts,
according to Deputy Prime Minister Alexander Novak.

 

This group decided to gradually increase its daily production from oil for May, June, and July at its meeting which was held on April 1.

 

Good recovery for Asian indicators

Today, Asian stocks continued to rebound on world markets, after a sharp sell-off earlier this week.

 

Nikkei index, which includes 225 shares, rose by 2.1% to record 29100 points.

The Broader Topix index rose by 1.5% to reach 1917 points.

 

Shanghai Stock Exchange declined by 0.1%.

In Shenzhen, the index of the most important companies lost 01%.

 

The collective rise in Wall Street

After the recent price slide, some investors are taking the opportunity to enter the US stock market again.

 

On Wednesday, the Dow Jones index closed up 0.9% to record 34,137 points.

Heavy-tech Nasdaq 100 indicator rose by 1.2% to record 13.950.

The Broader Standard and Poor’s 500 indexes increased by 0.9% to record 4173 points.

 

European markets are waiting for European Central Statement

European exchanges are expected to start today’s morning,
along lines of Wall Street and Asian markets,
for a session that will be busy with a new round of quarterly results and a European Central Bank (ECB) meeting.

 

Press release of the European Central Bank which is expected to be issued
during the afternoon is expected not to announce any major changes,
as the Central Bank is likely to intend to take advantage of this event to justify maintaining its highly facilitated monetary policy.

 

During its press conference, scheduled for today afternoon, President of Foundation,
Christine Lagarde must repeat again her desire to maintain favorable financial conditions within the euro area.