The price of Brent crude on the results of trades fell by more than 2%
The price of Brent crude on Thursday 2 may have decreased relative to the previous close of 2.3% to 70.56 per barrel.
The market of “black gold” fell to a minimum about a month, reflecting a significant increase of oil reserves in the USA last week. So, the us Department of energy has recorded an increase of 9.9 million barrels to 470,6 million barrels, while experts had forecast an increase of the indicator only 1.5 million barrels.
Oil production in America has increased by 100 thousand barrels per day compared to last week – to a record high of 12.3 million barrels.
Meanwhile, Russian energy Minister Alexander Novak said that Russia in may will produce output at the level specified in the agreement OPEC+.
The country agreement at the meeting in June will consider all options future prospects of agreements on the reduction of oil production.
This was stated by the OPEC Secretary General Mohammed Barkindo. Credit Suisse analysts believe that the global oil market is ready to continue to reduce oil production if OPEC+ in June so decide. However, everything will depend on the development of the situation with the supply of Iranian oil to the world market, estimated at Credit Suisse.
Meanwhile, buyers from Asia are asking Saudi Arabia to increase oil supplies on the background of the termination of the exemption from U.S. sanctions against Iran.
Anyway, the oil market falls for second day in a row, and one of the traders Forex Club earned about 9.5 thousand dollars in short positions in futures on the mark Brent.
The Euro against the dollar, continuing to win back yesterday’s decision and comments of the U.S. Federal reserve to keep base discount rate in the range of 2.25-2.5% per annum.
The regulator noted that the annual inflation in the US remains below the level of 2%. However, the head of the financial regulator Jerome Powell said influencing inflation factors can be temporary. Thus, he made it clear that a valid reason for reducing the rate no. This was moderately hard signal in terms of monetary policy, which supported the U.S. currency.
In the end, 17.23 GMT, the Euro declined with the start of trading on the last fixing of between 0.2% and amounted to 1,1181 dollar.