A recovery in Asian stock exchanges.. Oil is awaiting OPEC’s decision 2021-03-04T11:41:19 A recovery in Asian stock exchanges.. Oil is awaiting OPEC’s decision A recovery in Asian stock exchanges: Today was not good or bad in markets, as managed to rise and compensate for previous losses such as oil and Asian markets but other markets were unable to recover such as US markets. Every day, Evest is following up on developments of global markets and tries to focus on all developments that happen on the scene. Oil is recovering again after yesterday’s losses Benchmark crude prices rose in Asian trading today, as investors focused their attention on the upcoming meeting of OPEC + ministers. London Futures Exchange In London Futures Exchange, the cost of Brent crude futures was $ 62.98 a barrel. This represents $ 0.28 or (0.45%) higher than the previous session’s closing price. According to Dow Jones market data Brent crude was down $ 0.99 (-1.6%) to record $ 62.7 a barrel yesterday. This was the lowest level since February 12, according to Dow Jones market data. West Texas Intermediate crude oil futures West Texas Intermediate crude oil futures for April delivery on New York Mercantile Exchange (NYMEX) electronic trading recorded $ 59.95 a barrel, which is $ 0.2 or (0.33%) higher than the level of market close on Tuesday. WTI crude oil fell $ 0.89 (1.5%), to reach $ 59.75 a barrel yesterday, which is the lowest level since February 19. The value of both benchmarks retreated at the end of last week. Traders are trying to take advantage of lower oil prices after prolonged selling. At the same time, uncertainty around the upcoming OPEC + meeting is affecting markets. According to analysts, it may lead to unexpected price fluctuations. The Ministerial monitoring Committee of OPEC + (JMMC) On Wednesday, the Ministerial monitoring Committee of OPEC + (JMMC) is discussing the option to increase oil production by countries participating in agreement by 0.5 million barrels a day as of April, bearing in mind that as of April, voluntary cuts made by Saudi Arabia by 1 million barrels a day during February and March will be over. According to media, OPEC + technical Committee on eve of the meeting came to the conclusion that returns to the oil market, in fact, would not be once, 1.5 million barrels a day, although such a recommendation of the committee was not explicitly clarified. Saudi Energy Minister In mid-February, Saudi Energy Minister, Prince Abdulaziz bin Salman said that despite OPEC + market’s recovery, one should be very careful, as uncertainty remains very high. OPEC Secretary-General, Muhammad Barkindo expressed a similar position during the technical Committee meeting. OPEC Secretary-general On Tuesday, OPEC Secretary-general, Muhammad Barkindo said that the economic outlook and situation in the oil market had been improved. On one point, this indicates that OPEC + may increase its production. Saudi Arabia could abandon its voluntary production cuts In addition, Saudi Arabia could abandon its voluntary production cuts, which have been taken to provide additional support to the market. JMMC, co-chaired by representatives of agreement’s leaders-Russia and Saudi Arabia – usually makes a recommendation for all ministers who meet to take a final decision on March 4. American Petroleum Institute (API) Meanwhile, data from American Petroleum Institute (API) released on Tuesday night showed a significant rise in US inventories last week. API report According to the API report, during the week ending on February 26, inventories increased by 7.36 million barrels after rising by about 1.03 million barrels last week. Inventory growth was recorded for the second week in a row and became the highest since the week ending on July 7th. On average, analysts had expected that inventories might decrease by 1.85 million barrels. According to American Petroleum Institute Meanwhile, according to American Petroleum Institute, gasoline inventories decreased by 9.93 million barrels while distillates decreased by 9.053 million barrels. Oil reserves at the Cushing terminal rose by 732,000 barrels. US Energy Department US Energy Department will release the official report on US energy reserves on Wednesday. Experts polled by Standard & Poor’s Global Platts expected an increase in the average of US oil inventories by 1.3 million barrels, last week. Gasoline inventories in the country are expected to be declined by 2.9 million barrels during the week, while distillates are expected to be declined by 3.9 million barrels. American 3 major indices are in the red zone US stocks closed yesterday’s session with a corrective lower after a large increase on the previous day. Meanwhile, market sentiment remains very positive. Yields of US Treasury bonds were settled after strong fluctuations during previous days, although they still significantly exceed levels of the start of this year. At the same time, stocks are gaining support for approval of the third vaccine of Coronavirus for use in the United States, as well as progress in adopting a new stimulus package. At the end of last week, the House of Representatives voted in favor of President Joe Biden’s plan of $ 1.9 trillion. Today, Senate will begin deliberations regarding the bill. It is decided to accept the package by mid-March when the nation’s unemployment benefit payments are expired. As a result, Dow Jones Industrial Average fell by 0.46% to record 31,391.52 points. Standard & Poor’s 500 index retreated by 0.81% to reach 3,870.29 points, while technology composite Nasdaq declined by 1.69% to record 13,358.79 points. Optimism is increasing in Asia Today, Asian stocks rose as inventories ignored fears that stocks may have risen too much in a very short period and instead they focused on optimism that new stimulus in the United States will help the global economy to recover again. Asia Pacific MSCI index rose by 0.44%. In Australia, the main index rose by 0.62%, while the Japanese Nikkei index recorded a slight increase of 0.03%. China’s Leading stock index rose by 0.63%.