Oil price tends to the level of $61

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Oil prices rising on Thursday to the level of 60,7 USD per barrel of Brent after the morning quotes at the time went negative.
In the beginning of the day oil fell after the data were published weekly statistics on stocks of raw materials in the United States. According to the energy of the country, the oil reserves in the U.S. last week fell by 2.7 million barrels, whereas market had expected a less significant decline. At the same time stocks of gasoline increased by 312 thousand barrels, while the market was expecting a reduction.
Now market participants are awaiting a speech by fed’s Jerome Powell on Friday, during which he may indicate the future direction of monetary policy. The day before had published the minutes of the last fed meeting, where the regulator noted that the decision on the rate cut in July was just the adjustment in the middle of the cycle. In turn, the American President Donald trump earlier this week said that the fed should at the next meeting to lower the rate by 1 percentage point.
The Euro on Thursday, rising to the level of 1,0926 against the dollar after the release of statistics on the Eurozone economy, which showed growth of business activity in the region in August.
According to the research organization Markit Economics, the composite index of business activity in industry and services (PMI) of the region in August rose to its highest in two months at 51.8 points from 51.5 points in July, although the market was waiting for declining.
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Valery Polkhovsky,
Financial scout,
Forex Club