A positive start for the European stock markets.. Oil is struggling under the deteriorating epidemiological situation in India

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A positive start for the European stock markets.. Oil is struggling under the deteriorating epidemiological situation in India

A positive start for the European stock markets.. Oil is struggling under the deteriorating epidemiological situation in India:

The situation instantaneously changed in the trading market,
as after it seemed that oil would make remarkable progress today,
it retreated again, as it seems to be particularly affected by the epidemiological situation in India.


As for stock markets, things seem to be mixed, as yesterday’s tradings were semi-strong in Wall Street,
while the performance of Asian stock exchanges has been mixed today, the situation in Europe is reassuring.


Learn about all the details through the following report published by Evest daily for you.


Oil retreats after a positive start

Oil prices declined during today’s dealings after making profits at the start of the session after many states in the United States
began to alleviate restrictions on movement.


Meanwhile, the European Union is doing its best to attract tourists,
helping to offset concerns about fuel demand in India as the number of Covid-19 infections is rising.


Brent crude futures retreated by $ 0.07 or 0.1% to record $ 67.49 a barrel after rising by 1.2% on Monday.

West Texas

West Texas Intermediate crude futures declined by $ 0.06 (0.1%),
down to $ 64.43 a barrel, after rising by 1.4% yesterday.


Oil prices are following a mixed path due to the increase in Covid-19 cases in some countries, particularly in India,
despite the proposal to begin easing measures against Covid-19 in the United States of America,
in addition to removing travel restrictions in the European Union States.

the world’s largest oil consumer

Yesterday, the world’s largest oil consumer, New York, New Jersey, and Connecticut,
one of the most affected states by the epidemic last year, said that the Covid-19 ban would be lifted for restaurants,
shops, theatres, museums, parks, and amusements.


For his part, New York Governor Andrew M.

Cuomo, who described the day when the decision was announced as “a milestone and an important moment of transition for the state of New York”.

He also noted that they were trying to increase economic activities,
especially as New York City would restore the subway for 24-hour service from May 17.

European Union

European Union Member States Commission advised lifting existing travel restrictions for those who have taken 2 doses of Covid-19 vaccine approved by the European Union.


In the statement issued yesterday by the Commission, it was proposed to ease the current epidemiological restrictions applied to EU nationals or residents outside the European Union, who are traveling to the European Union, taking into account vaccination campaigns and infections in countries.


There is greater optimism in the crude oil market regarding the easing of epidemiological restrictions and expectations
of increased fuel demand in Spring and Summer.


However, tourism traffic and global oil demand are still weak in general.


On the other hand, fears about the negative impact of the increase in Covid-19 on oil demand continue to suppress oil prices
in some countries, particularly India, the world’s third-largest oil consumer.


According to the statement issued by the Indian Ministry of Health,
357,229 thousand Covid-19 new cases have been detected over the last 24 hours,
and the total number of cases has risen to 20 million and 282,833.


After the death of 3,444 people over the last 24 hours, the number of deaths rose to reach 222,222 and 408,
while the number of undertaken patients reached 3 million and 447 thousand 133.


India, where the number of cases is rapidly growing, is the country with the largest number of daily infections and deaths in the world.

Nevertheless, it was announced that places such as gymnasiums would be allowed to be operated at full capacity.


In March, total crude oil imports to India were 3.97 million barrels a day, down by 11.8% on an annual basis.

It is the lowest total level in 6 years.


Interestingly, India bought more crude oil from the United States and Canada,
of which African and Middle Eastern countries have been suffering.

OPEC’s share of India’s crude oil imports reduced from about 80% to 72% in March.

This is the lowest level in at least 20 years since such statistics were recorded.

The above information urges investors to be somewhat optimistic about the future of crude oil prices, even if the demand for fuel increases.


A promising start for European exchanges

This Tuesday, major European exchanges began at a good high, taking advantage of relevant positive indicators, with the exception of the April Manufacturing Purchasing Managers’ Index in the United Kingdom

as well as better development of the epidemic in the United States and Europe.


As soon as the session began, the Old Continent’s stock markets were trading higher, as London exchange rose by 0.67%; Madrid 0.44%; Paris 030%; Milan 0.18% and Frankfurt 0.17%.


The Euro Stoxx 50 index, which includes the largest European companies, rose by 0.18%.


Wall Street was strong

Yesterday, Wall Street closed mixed, as manufacturing data turned out to be weaker than expected, and US stock indexes closed strongly.

The Dow Jones and Standard and Poor’s 500 indexes rose, while the Nasdaq ended the day in a moderate drop.

Dow Jones index

The Dow Jones index rose by 0.7%, while Standard and Poor’s rose by 0.27%, but the Nasdaq index ended the day down by 0.48%.


Despite the mixed performance, the rapid corporate reporting season has been particularly so far strong, with high profits growth and encouraging economic data, as more than half of the companies listed in the Standard and Poor’s index, reported new figures and an average of 54% increase in profits

This means that companies seem to be recovering from the Coronavirus epidemic.


In addition, the US Industrial ISM index fell from 64.7 points during the previous month to reach 60.7 points in April.

This level is much higher than 50 points. This separates growth from retreating.


Mixed tradings in Asia

Asian markets show different performance, as stock markets in Hong Kong rose by 0.3%, while the Australian market rose by 0.5%, and the Kospi index rose by 0.4%. However, the Singapore stock market declined by 0.2%.

Today, the Tokyo Stock Exchange does not trade because of the celebration of the National Day of Nature in Japan.

Yesterday, it did not trade due to the National Day of the Constitution.



A positive start for the European stock markets