Following OPEC’s decision yesterday, an agreement to reduce the oil production to 32.5 million barrels a day, compared to 33.4 million, the oil prices jumped.
The WTI by 5.3% and was set at 47.05 dollars a barrel.
This morning there is a slight decline of 0.2% in WTI to 47 dollars per barrel.
The Brent falling by 0.5% to dollars 45.4 per barrel.
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At 15:30 (UK time) the data of the given weekly US crude oil inventories will be published, when the forecast predicts an increase of 2.4 million barrels, compared with a decline of 6.2 million last week.
The futures contracts signaling on a stable opening of the trading day at the US stock markets.
The European stock markets are rising this morning, as the Deutsche Banks shares jumps by 3%.
The DAX and the CAC index rising by 1%.
There is a negative trend this morning (Wednesday) in the Asian stock markets.
The Japanese yen strengthened against the US dollar, and sends the shares of the country’s largest export to declines
The WTI oil decreased by 2.7% yesterday and closed at a price level of 44.7 dollars per barrel.
The Brent oil was down by 2.9%, closing at a level of 46 dollars per barrel.
The trading on Wall Street ended with a rise yesterday.
The Dow Jones Industrial Average rose by 0.7%,the Nasdaq by 0.9% and the S&P 500 was up by 0.6%.
This was followed by positive economic data released in the US , including a nine-year high consumer confidence, and despite of the drop in oil prices.
The trading on Wall Street is conducted so far today with volatility on the background of falling prices in Europe.
Case-Shiller index. which examines the change in housing prices in 20 major US cities showed a rise of 5%, in line with expectations.
The futures contracts on leading indices on Wall Street traded at this time with gains of 0.3%.