Oil prices still fall, yet European and US markets grow
Oil prices continued to fall on March 30 and have reached the lowest figures in the last 18 years. At the same time, European and US stocks showed significant growth.
Crude’s price is at the lowest level since 2002. North Sea has fallen to US$21.65 per barrel. WTI has reached US$20. As the reserves of oil reach full capacity, the analysts believe, that the prices might fall even further.
Saudi Arabia has announced, that it is going to raise its exports by 600 000 barrels daily, setting a new record of 10.6 million barrels daily by May. Meanwhile Russia has stated, that its energy officials will be in talks with their US colleagues about the market.
However, US and European stocks are showing signs of optimism after weeks of falling. EU saw the hardest hit to its economic confidence index this Month. According to some forecasts, German economy can see the reduction by five percent. US markets have experienced their sharpest decline in the last 30 years.
Nevertheless, the relief and stimulus packages from the governments are giving the investors reasons to be optimistic. Lower prices also attract buyers. By the end of trading day the major stocks ended up with positive results.