Oil prices slide as Yen smacks the dollar

Discussion in 'CFDs' started by Profiforex_Victory, Jul 28, 2016.

  1. Profiforex_Victory

    Profiforex_Victory Новичок

    The yen had made gains against the American dollar today. The increase in the yen against the dollar comes as anxiety grew among investors that the Bank of Japan may end up not meeting high hopes of a big stimulus package when it comes to the conclusion of meeting. The meeting which runs across two days ends on Friday. This was after the U.S. Federal Reserve on Wednesday had fallen short of expectations of raising rate rise on the near-term.

    Moving over to oil, oil prices dropped down today. The fall in oil prices is about 2%; thus dragging oil prices to three-month lows. This comes following fresh stock build at the delivery hub for U.S. crude futures; this piling up fears that producers were supplying at a capacity more than that which was actually needed.

    Today U.S. oil had crashed down to $41.29 for a barrel. So far this year, the highest US oil has climbed is $51.67, and today's decline tells us that US oil has fallen so far from this stated high by 20%. Brent crude oil was also down by 73 cents, falling down to $42.74 for one barrel.

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