Market updates and forecasts

Get the latest economic news from ForexMart, including updates on the financial market, central banks' policy announcements, financial indicators, and other relevant news which can have an impact on the industry.

Disclaimer:  Information provided here to retail and professional clients does not contain and should not be construed as containing investment advice or an investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance.

Brent crude jumped above the level of $79 per barrel


March, 31 2023
watermark Economic news

The oil market is showing an upswing at the end of the week: Brent oil quotes rose to $79.47 per barrel, and North American WTI oil – to $75.50. Oil continues to follow the upward trend that started in mid-March. 


Since the beginning of the week, both benchmarks have gained about 7% in price. The growth of quotations was facilitated by the easing of concerns about the crisis in the banking sector and the suspension of Iraqi oil supplies through Turkey.


An additional positive factor for oil today was statistical data from China, where the Purchasing managers' Index (PMI) in the processing industry fell to 51.9 points in March. A month earlier, the indicator was marked at 52.6 points, and analysts on average expected a more significant drop to 51.5 points.


At the same time, the PMI of the services and construction sector in China rose to 58.2 points in March from 56.3 points in February. This was the highest level since May 2011.


Traders are also waiting for the results of the meeting of the OPEC+ ministerial monitoring committee, which will be held on Monday. It is expected that the participants of the meeting, most likely, will not make a recommendation on changing the current oil production plan.



Feedback

ForexMart is authorized and regulated in various jurisdictions.

(Reg No.23071, IBC 2015) with a registered office at Shamrock Lodge, Murray Road, Kingstown, Saint Vincent and the Grenadines

Restricted Regions: the United States of America, North Korea, Sudan, Syria and some other regions.


© 2015-2024 Tradomart SV Ltd.
Top Top
Risk Warning:
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.