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Oil storms $51 level

28 July 2017 01:49 AM BDT
Oil storms $51 level

Today Brent keeps on trying to move higher the level of $ 51.  Support for oil prices was provided by information that due to unsatisfactory financial results of the first half of the year, US oil shale companies reduce capital expenditures for 2017. This may indicate that, at the current price level, shale producers in the United States can not increase production for a long time, and the pressure on the oil market may decrease in the future.

Another positive factor was Kuwait's decision to join the reduction in oil exports announced by Saudi Arabia, which earlier promised to reduce it in August by 1 million barrels. Per day, urging other participants in the OPEC agreement to also reduce their exports.

After yesterday's FOMC decision on the rate USD dollar began to decline rapidly. Today, the dollar index reached 93.15 for the first time since June 2016, and then rebounded. USD index is losing 0.1% around the level of 93.6 p.

The Fed noted a decline in overall inflation, vowing to closely monitor the price trend, and linked the beginning of a reduction in its balance sheet with the further direction of US economy. This position of the regulator was perceived by the market as cautious, which caused a new wave of sales in the dollar.

European currency resumed its growth, reaching for new multi month highs. Today, the pair EUR / USD exceeded the level of 1,177, but then sharply rolled back, losing now 0.25% around the level of 1.17. Most likely, buyers are too optimistic about the situation in the European economy.

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