Oil stops losses below $100 a barrel European stock indices are mixed Oil is trying to limit its losses this week, as it rose slightly today, Wednesday, after the big decline yesterday

Evest follows market developments in the next report

containts

Oil rises after a sharp drop yesterday

European stock indices are moving in different directions
Gold is down for the third consecutive session

Oil rises after a sharp drop yesterday

Oil prices are rising on Wednesday after falling more than 6% in the previous session

May Brent crude futures rose $1.09 (1.09%) on the London ICE Futures Exchange to $101 a barrel. On Tuesday, Brent crude fell $6.99 (6.5 percent) to $99.91 a barrel

West Texas Intermediate crude futures for April at this moment in prices in electronic trading on the New York Mercantile Exchange (NYMEX) rose by $0.6 (0.62%) to $97.04 per barrel. During the previous session, the contract fell by $6.57 (6.4%) to $96.44 a barrel

Brent and West Texas Intermediate oil prices reached their highest levels since 2008 on March 8 on the back of the Russian military operation in Ukraine, but since then have already fallen by 22%, indicating a “downward” trend, Market Watch notes

The drop in oil prices, in particular, has been facilitated by concerns about lower demand in China, where there is another outbreak of Covid-19, due to the imposition of quarantine restrictions in a number of regions of the country

According to Bloomberg experts: “The main characteristic of the market at the moment is high volatility. There are no fundamental factors here, it is all about geopolitics, hysteria and fear However, perhaps not so radically

Data from the American Petroleum Institute (API), released overnight, showed an increase in US oil inventories last week by 3.75 million barrels

European stock indices are moving in different directions

European stock indices did not show a single dynamics on a trading basis on Tuesday

The composite index of Europe’s largest companies, the Stoxx Europe 600, fell with the market closing down 0.28% and amounting to 435.12 points

Germany’s DAX is down 0.1%, France’s CAC 40 is down 0.2%, and Britain’s FTSE 100 is down 0.3%. Italy’s FTSE MIB rose 0.3%, while Spain’s IBEX 35 rose only 0.02%

Market participants continue to follow the Russian-Ukrainian conflict. The next round of negotiations between representatives of the two countries ended without results, and investors are waiting for its continuation in the hope of de-escalation of the conflict

According to the analysts, “It is clear that European markets are already in very negative scenarios

The index of economic expectations of investors and analysts in Germany for the next six months, calculated by the ZEW research institute, fell in March by 93.6 points, the largest drop since the index began to be calculated in December 1991

The value of the index, on the background of the conflict between Russia and Ukraine, fell to minus 39.3 points, compared to 54.3 points in February

Meanwhile, analysts at Sanford C.Bernstein noted that net outflows from Europe-focused equity funds reached a record high for the second week in a row. In their opinion, investors may continue to exit European stocks

Commodity stocks fell after metal prices fell amid the outbreak of the new Corona virus in China. Polymetal International Plc fell 22.9%, Glencore Plc – 4.4%, and Anglo American – 0.7%

Meanwhile, oil company shares rose despite the collapse in oil prices. Shares of Shell Plc rose 0.7 percent, and BP Plc 1.3 percent

Shares of Allianz SE by the end of trading were down 0.2%. The German insurance company announced the termination of insurance for new business and the rejection of new investments in Russia

UniCredit is up 0.8%. Andrea Ursella, president of UniCredit, is reported by Bloomberg that the Italian banking group is considering leaving Russia as part of an urgent review of its activities in that country

RWE AG’s share price is up 1% on strong reports from the German energy company and an increase in dividends

Gold is down for the third consecutive session

Gold prices fell for the third day in a row as commodities continued to collapse ahead of the US Federal Reserve’s main meeting, when policy makers are expected to raise interest rates

Spot gold fell 1.4% to $1,925.42 an ounce. It erased most of its gains over the past two weeks. US gold futures fell 1.8% to $1,925.80 an ounce in New York

Gold’s reversal comes days after it rose to just under $5 from a record high as Russia’s invasion of Ukraine sent commodities soaring, threatening a combination of low growth and high inflation. Prices of major products including oil have since cooled, allaying those concerns

Bullion has risen this year in part because of its appeal as a hedge against rising consumer prices. Months of speculation about a new wave of interest rate hikes looks set to peak on Wednesday, as the US central bank is expected to start tightening in order to rein in inflation

Tuesday’s report showed that prices paid to US producers rose strongly in February due to higher commodity costs, underlining the inflationary pressures that paved the way for the Federal Reserve’s rate hike this week

“Gold prices have fallen in the past three days mainly due to lower oil prices,” according to Bloomberg analysts, which brings some good news that inflation, may ease a bit

“The first rate hike from the US often signals a low point in gold, so we will see what kind of signal they send tomorrow, and how optimistic their statement is, which will likely set the short-term outlook from here

Oil stops losses below $100 a barrel

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