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The week ended marked towards the end by a modest decline in WTI oil futures, which lost 0.04% to 49.59 dollars a barrel. While the dollar keeps its march more openly towards the parity with the euro, global oil prices are falling, on the background of Goldman Sachs forecasts about its price, told energynomics.ro the analyst Cătălin Chivu, CEO of Teletrade.
“Economists believe that global oil prices will continue to decline because of the rising oil reserves. Also, according to the US Department of Energy, for one week, commercial oil reserves have increased by 10.3 million barrels to a new record of the last 80 years”, said Chivu.
At the same time, the appreciation of the US dollar in the past six months was largely generated by the weakness of other currencies such as the yen, euro and the Australian dollar. Now, however, the dollar appreciated by itself, in line with the US Treasury bond yield, according to experts of Citigroup Global Markets Japan.
Also, say Credit Agricole analysts, the downward trend of the parity EUR/ USD went into an active phase again, after a slight deceleration and punching the level of 1.11 dollars per euro. Economists suggest that the US report on labor market could come up with an unpleasant surprise for the euro sellers.
“But even in this case, we should not expect changes in the behavior of investors, who prefer to sell the euro in times of appreciation”, said Credit Agricole analysts. Currently, Credit Agricole maintains its short positions on EUR USD with a target of 1.06 USD for one euro.
“Also, the minister of oil of Saudi Arabia said that oil prices have stabilized. He denies the existence of a price war with shale oil producers of the US. Amid a slight increase in oil demand, we see, however, that US oil stocks also rise, expected to grow to 9.35 million barrels per day in 2015, as opposed to previous estimated level of just 9.3 million, according to data released by EIA”, the Teletrade analyst said.
