Prospective statement from European Central and oil market is stumbling again 2021-04-22T18:37:59 Prospective statement from European Central and oil market is stumbling again Prospective statement from European Central and oil market is stumbling again: Today, European markets are waiting for the European Central Bank statement. Although all expectations indicate that no new decisions are taken regarding interest rates and critical facilities, the event is internationally interested in traders. Evest is following up daily all market developments and relays them to you in detail. Oil retreats after increasing US inventories according to official data Today, benchmark oil prices retreated amid unexpected increases in US oil inventories and concerns about fuel demand due to the rise in Covid-19 cases in Asia. In the London Futures Exchange, the June futures cost of Brent oil was $ 65.13 a barrel, $ 0.19 (0.29%) below the closing price of the previous session. As a result of Wednesday’s trading, these contracts declined by $ 1.25 (1.9%)- to record $ 65.32 a barrel. New York In New York Mercantile Exchange (NYMEX), West Texas Intermediate crude futures price for June delivery was $ 61.13 a barrel, $ 0.22 (0.36%) lower than the level at the end of the previous session. On Wednesday, the value of these contracts fell by $ 1.32 (2.1%) – to reach $ 61.35 a barrel. On Wednesday, both contracts closed at their lowest level since April 13. MarketWatch According to MarketWatch, there are many driving forces in the energy market at present time, including growing concerns about the spread of Covid-19 all over the world, undermining recovery in consumer demand. US commercial oil reserves rose by 594,000 barrels last week, according to a weekly report by the County’s Department of Energy. This is the first increase in US oil inventories in 4 weeks. Gasoline inventories rose by 85,000 barrels. Commercial inventories of trailers declined by 1.07 million barrels. Bloomberg predicted Experts interviewed by Bloomberg predicted a reduction in oil inventories by 3.55 million barrels, an increase in gasoline inventories by 1 million barrels, and a reduction in distillation stocks by 1.7 million barrels. Analysts polled by Standard and Poor’s Global Platts expected an average declined by 4.4 million barrels in oil inventories last week. On the other hand, investors are concerned that the spread of Coronavirus is intensively returning in many Asian countries, calling into question about possibilities of a recovery in global demand. Fears of an increase in cases of new Coronavirus Fears of an increase in cases of new Coronavirus (Covid-19) infections in countries such as Japan, the world’s third-largest oil importer and India, the world’s third-largest oil consumer will have a negative impact on global economic recovery. Indian authorities announced new quarantine procedures in a number of cities, including New Delhi. At the same time, in some Japanese provinces, an emergency system may be introduced due to an increase in the number of infections – although the Olympics will start in the country within only 3 months. Prime Minister Suja Yoshihide Prime Minister Suja Yoshihide reported that they are planning to declare a state of emergency against increasing cases in Tokyo, Osaka, and Hyogo regions. While experts warn that the Indian health system is on the verge of collapse, they point to the highest levels of operation rates in hospitals, as 314,835 new cases were monitored during the last 24 hours, and the total of cases was 15.930,000 million. Market participants are also focusing on prospects of adopting the NOPEC Act (law banning the production and exporting oil) in the United States, under which the US Department of Justice will be able to bring monopoly lawsuits against OPEC countries, as analysts say. Petroleum Exporting Countries Markets are focusing on the meeting at which the Organisation of Petroleum Exporting Countries (OPEC) and OPEC Group, which consists of some non-OPEC producing countries, will meet on April 28, to discuss the size of cuts they will implement in May. Next week, the Organisation of Petroleum Exporting Countries (OPEC) and its allies will meet, but significant changes are unlikely to be conducted on current production cuts, according to Deputy Prime Minister Alexander Novak. This group decided to gradually increase its daily production from oil for May, June, and July at its meeting which was held on April 1. Good recovery for Asian indicators Today, Asian stocks continued to rebound on world markets, after a sharp sell-off earlier this week. Nikkei index, which includes 225 shares, rose by 2.1% to record 29100 points. The Broader Topix index rose by 1.5% to reach 1917 points. Shanghai Stock Exchange declined by 0.1%. In Shenzhen, the index of the most important companies lost 01%. The collective rise in Wall Street After the recent price slide, some investors are taking the opportunity to enter the US stock market again. On Wednesday, the Dow Jones index closed up 0.9% to record 34,137 points. Heavy-tech Nasdaq 100 indicator rose by 1.2% to record 13.950. The Broader Standard and Poor’s 500 indexes increased by 0.9% to record 4173 points. European markets are waiting for European Central Statement European exchanges are expected to start today’s morning, along lines of Wall Street and Asian markets, for a session that will be busy with a new round of quarterly results and a European Central Bank (ECB) meeting. Press release of the European Central Bank which is expected to be issued during the afternoon is expected not to announce any major changes, as the Central Bank is likely to intend to take advantage of this event to justify maintaining its highly facilitated monetary policy. During its press conference, scheduled for today afternoon, President of Foundation, Christine Lagarde must repeat again her desire to maintain favorable financial conditions within the euro area.