Positive dynamics for oil.. Asian stock markets are buoyant 2021-04-01T16:11:45 Oil News Positive dynamics for oil.. Asian stock markets are buoyant Positive dynamics for oil.. Asian stock markets are buoyant: A few hours separate us from the decision of the Organization of Petroleum Exporting Countries, OPEC, as investors are waiting for a production decision in May, hoping that current levels of production will be maintained, or further cut to boost prices. In stock markets, Joe Biden’s stimulus plan widely resonated in markets. Evest is following up on all these developments in markets and transmits them to you every day. Oil turns high ahead of OPEC’s decision On Thursday, oil prices rose after falling on the previous day amid some weak optimism about demand expectations. The market focuses on OPEC + ministerial meeting that will discuss oil production quotes in May. Today. cost of Brent crude futures for June on the London Futures Exchange is $ 63.11 a barrel, higher by $ 0.37 or 0.59% of previous session closing. As a result of Wednesday’s trading, these contracts decreased by $ 1.43 or 2.2% to record $ 62.74 a barrel. The price of West Texas Intermediate crude futures for May in electronic trading on the New York Mercantile Exchange (NIMEX) was $ 59.53 a barrel, $ 0.37 or 0.63% above the level at the closing of the previous session. On Wednesday, these contracts fell by $ 1.39 or 2.3% to record $ 59.16 a barrel. March In March, the price of Brent crude oil retreated by 3.9%, while West Texas Intermediate crude fell by 3.8%. However, at the end of the first quarter of 2021, prices of those contracts respectively rose by 23% and 22%. On Wednesday, the meeting of OPEC + Ministerial Committee ended with no recommendations. A source in one of the delegations said that ministers would take some decisions today. Positive outlook for Organisation of Petroleum Exporting Countries (OPEC) and some non-OPEC producing countries that will be held today, has had an impact on the rising of prices, as the number of reductions that will be implemented from May, will be discussed. This group is expected to maintain current production cuts. OPEC Secretary-General Mohamed Barkindo Meanwhile, OPEC Secretary-General Mohamed Barkindo, that spoke at the meeting of the OPEC + Committee on Wednesday, noted that despite positive factors, including huge vaccinations of the world’s Covid-19, as well as budgetary incentives, the economic environment remains “complex and uncertain”. According to some analysts, deferred demand for oil in the world economy is huge, but recovery in economic growth has not been steady. Until economic recovery is stable, OPEC will remain cautious, taking the potential for increased production into consideration. At the 14th Ministerial Meeting, where ministers of energy and oil from 23 OPEC member states met on March 4, it was agreed that non-OPEC member states such as Russia and Kazakhstan, would increase oil production in April for seasonal reasons, while other member states’ decision was to continue current production cuts in April. At the meeting, it was appropriate for Russia to increase its production by 130,000 barrels a day during April. Kazakhstan also will increase its production by 200,000 barrels a day in April. Saudi Arabia will continue its voluntary reduction of 1 million barrels a day. OPEC group decided to decrease its production by 7 million and 900,000 barrels a day in April. On other hand, US Energy Information Administration announced that country’s commercial crude oil inventories fell by 900,000 barrels (0.2%) last week to nearly 501 million and 800,000 barrels. Market expectations were that inventories would rise by around 400.000 barrels. The decline in US commercial crude oil inventories, the world’s largest consumer of oil, has also supported the upward trend of prices. United States stock markets are in contrast US stock markets closed without a clear direction. Technology stocks in particular, have taken advantage of a decrease in the 10-year yield. The White House In addition, the White House provided the first details of its plan to invest $ 2 trillion in infrastructure through 10 years. Joe Biden also plans to promote the development of electric vehicles. This plan will be funded by raising corporate taxes. Dow Jones index fell by 0.62% to record 32981.55 points, while the Nasdaq index rose by 1.54% to record 13,246.87 points. Apple index rose by 1.88% to trade at $ 122.15. iPhone maker’s stock benefited from UBS recommendation from neutral to purchase. Adoption of positive advice is an outcome that is taken into account when assessing its potential entry into the electric vehicle market. On other hand, the private sector created 517,000 jobs in the United States during March, according to a survey by ADP. Figures were 550,000 in February. Real Estate sales declined by 10.6% in February, while they were expected to retreat by 2.6%. Asian Exchanges rise On Thursday, Tokyo Stock Exchange closed in the green zone, following the announcement of Joe Biden’s investment plan in the United States on the previous day, as investors also estimated that the morale of large Japanese manufacturers had risen to a pre-pandemic level. Nikkei index increased by 0.72% to record 29,388.87 points The expanded Topix index rose by 0.19% to reach 1957.64 points. Publication of Bank of Japan’s Tankan quarterly index (BOJ) on Thursday morning, which rose by +5 for large manufacturing companies and became positive for the first time since autumn of 2019, led to the encouragement of investors. At the start of summer in 2020, the Tankan index retreated to – 34, the lowest level since 2009. In Hong Kong, Hang Seng Index rose by 1.45%, shortly before closing. The Shanghai Composite Index finished high by a rate of 0.71%, while Shenzhen rose by 1.11%.