Oil is less than $60 again .. American and Asian indicators are mixed
Oil is less than $60 again.. American and Asian indicators are mixed
Oil is less than $60 again: The Federal Reserve published the minutes of its meeting that took place last March,
yesterday, and although it did not carry anything new, it had an impact on the markets,
in addition to the official US, stocks report from the Ministry of Energy, which directly affected oil prices.
Every day, Evest follows developments in the economic arena and briefly reports them to you.
Oil is retreating
Standard oil prices fell today, Thursday after US Energy Department data showed a significant increase in gasoline inventories in the country last week.
According to the US Department of Energy, oil reserves have dropped sharply more than expected, which is good news for prices.
On the other hand, gasoline stocks rose sharply, which was also not expected.
Despite optimistic investor expectations about the outlook for the economy this year,
oil prices remain vulnerable to news of a continuing rise in COVID-19 infections, especially in Asia.
The most difficult situation remains in India, one of the largest importers of oil.
London Futures Exchange
The cost of June Brent crude futures on the London Futures Exchange was $ 62.81 a barrel,
which was $ 0.35 (0.55%) lower than the previous session’s closing price.
As a result of trading on Wednesday, these contracts rose by $ 0.42 (0.7%), to reach $ 63.16 a barrel.
US West Texas Intermediate crude oil
The price of US West Texas Intermediate crude oil for May on electronic trading on the New York Mercantile Exchange (NYMEX) reached $ 59.41 a barrel, which is $ 0.36 (0.6%) lower than the level at the close of the previous session.
On Wednesday, the value of these contracts rose by $ 0.44 (0.7%) to $ 59.77 a barrel.
And the US Energy Department announced, on Wednesday, that the country’s oil reserves decreased last week by 3.52 million barrels.
However, gasoline inventories rose by 4.04 million barrels, which was more than analysts had expected.
The rise in gasoline inventories raises concerns that the increase in Covid-19 cases may reduce demand expectations.
However, some analysts believe that the increase in gasoline stocks may be due to increased imports ahead of the summer travel season in the United States when demand for fuel usually rises.
rise in coronavirus cases
Meanwhile, the rise in coronavirus cases in some major countries continues to worry investors.
In addition, there are concerns about the situation around the AstraZeneca Coronavirus vaccine.
The UK Government Vaccination Advisory Group (JCVI) has recommended that people under 30 years of age not be vaccinated with AstraZeneca due to reported blood clots following vaccination, and the European Medicines Agency (EMA) concluded that the risk of blood clots should be listed as Rare side effects.
A delay in vaccination may partially reduce market optimism about northern hemisphere oil demand this coming summer.
Black gold prices have fluctuated in a narrow range during the past few weeks, with the virus blockade continuing in certain parts of the world, threatening the expected rise in travel during the summer holidays and the recovery of global demand.
Meanwhile, OPEC + producers plan to gradually increase shipments to the market in the coming months, and Iran has already raised exports ahead of the revival of the 2015 nuclear deal, adding pressure on prices due to upcoming supplies.
Collectively equity markets rise in Asia … and the Nikkei retreats alone
Gains in indices dominate stock markets in Asia.
In China, the Chinese index rose 0.45 percent.
In Hong Kong, the Hang Seng Index rose 1.20 percent.
South Korea, the Kospi rose 0.27 percent.
India, the Sensex is up 0.67 per cent,
while in Japan the Nikkei 225 is slightly lower – 0.07 per cent.
The Tokyo Stock Exchange closed today 0.07% lower in its main index, the Nikkei,
due to concern over a recovery in COVID-19 cases in Tokyo and other parts of the country.
The Nikkei index
The Nikkei index ended the day 21.08 points lower, at 29,708.98 points,
while the broader Topix index lost 15.57 points, or 0.79%, to 1951.86 integers.
Tokyo stock market
The Tokyo stock market moved aimlessly throughout the day due to the search for deals in the technology sector after the declines in the previous days and due to concern among investors about the increase in HIV cases in Japan.
The day before, the highest number of infections had been recorded in two months across Japan, while today it was known that the Tokyo government was planning to re-tighten restrictions to try to contain the rise of the virus.
Video game company Nintendo advanced 1.5%, while Toshiba Group fell 0.44% after rising more than 18% the day before when it confirmed it had received a takeover bid from CVC Capital.
On the other hand, China is intensifying vaccination efforts after the number of cases there increased again in some areas.
Mixed trades on Wall Street
Wall Street concluded another choppy day of trading on Wednesday with a mixed ending to stock indices and another all-time high for the S&P 500.
The Standard & Poor’s 500 Index rose 6.01 points to 4,079.95.
The Dow Jones Industrial Average rose 16.02 points, or 0.05%, to 33,446.26 points.
While the Nasdaq Composite Index declined 9.54 points, or 0.07%, to 13,688.84 points.
According to the minutes of the last monetary policy meeting on March 16-17 published on Wednesday,
Fed members stressed the improvement in the US economic outlook
while agreeing on the need to support the recovery through low-interest-rate policy and continued asset buybacks.
Participants felt that consumers would benefit from recent stimulus packages,
as well as accommodative monetary policy.
However, most of the Corporation’s 18 leaders expect to keep key interest rates close to zero
until 2024 and do not plan to reduce the number of federal bond repurchases.
Central bank governors stressed that the recovery of the economy is still incomplete and uneven,
and more progress will need to be made before considering withdrawing the support measures adopted in 2020 in the face of the health crisis.