Oil prices are slowing down
The growth of oil prices seen on April 2 seems to be winding down. The market is suspicious of the deal with Saudi Arabia and Russia, supposedly brokered by Donald Trump.
After rising 24.7%, WTI has gone back down by 4.7% and is currently at US$24.14 per barrel. Brent has lost US$1.37 - 4.6% - and is at US$28.55.
Other markets are also returning to cautious strategies. European stocks are slowly going down - Euro Stoxx 50 has lost 0.26%, FTSE and DAX have both lost around 0.3%. Investors are also returning to US dollar, which they were leaving yesterday. U.S. Treasury yields are reportedly approaching the lowest level in the last three weeks.
Earlier Donald Trump has stated in a tweet, that he has managed to convince Russia and Saudi Arabia to cut their oil production by 15 million barrels. Shortly after, Saudi Arabia has called for the OPEC+ meeting to discuss the crisis. Markets have reacted favorably and the prices have grown. However, the lack of any hard evidence about the deal is slowing the growth down.