Oil still makes the world go round - Thursday review, April 2

Oil still makes the world go round - Thursday review, April 2

International markets were in for a rare treat on Thursday 

The Oil industry has been a mess for the past month, the starting point being the disagreement between Saudi Arabia and Russia. Prices dropped nearly 60% since the last OPEC+ meeting, and the overall loss since the beginning of the year is of 70%.

The U.S.A.

Between the thought of an OPEC+ meeting happening next week, and Donald Trump's announcement that he expects the price-war between Saudi Arabia and Russia to end, the Oil prices sky-rocketed.

The U.S. president said that a cut of 10-15 million barrelsis in sight.

Brent Oil went up 21% to trade at $29.94 per barrel, and Oil rose 24.7% to $25.32 per barrel.

This announcement made the equities bounce as well. USA30 and USA500 gained over 2.24%, and 2.3%, respectively. TECH100 moved 1.7%.

ICE gained 0.04% to 100.31.


Asia and Australia

Japan225 gained 0.32%, while ASX dropped 0.41%.

Gold lost 0.31% to trade at $1,632.7.

USD/JPY was up 0.01% to 107.92.

AUD/USD gained 0.09% to 0.6065.


Europe

It was a good day for the majority of European indices; only Germany30 fell 0.2%. UK100 traded higher by 0.4%, France40 rose 0.2%.

BP shares gained 6.5%.

EUR/USD traded at 1.0939.


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Sources: cnbc.com, investing.com, marketwatch.com, reuters.com

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Users/readers should not rely solely on the information presented herewith and should do their own research/analysis by also reading the actual underlying research. The content herewith is generic and does not take into consideration individual personal circumstances, investment experience or current financial situation.

Therefore, Key Way Investments Ltd shall not accept any responsibility for any losses of traders due to the use and the content of the information presented herein. Past performance is not a reliable indicator of future results.