Oil Still Correcting

Oil prices are continuing in their correction. All Tuesday they were in a $49.5-50.0 range per barrel of Brent, however a report from the API showed a growth in reserves of 1.518 million barrels against a previous week’s fall of 3.560 million barrels. As a result, oil dropped straight to $49.2 per barrel. On Wednesday during the Asian session, it managed to restore only to $49.1 after a fall to $48.9. This evening will see more oil reserve reports from the US (this time from the EIA) which are likely to lead to a rise in market volatility.

After a few days of an unbroken fall, on the majority of Asian stock markets a long-awaited positive correction. The Nikkei 225 rose by 0.5%. The ASX Australia lost 0.4%. The Shanghai Composite rose 1.4% and the Hang Seng rose 0.3%. Futures for the S&P500 —were trading at 2064; 0.1% below the previous trading day’s closing level.

After yesterday’s demise from 1.1300 to 1.1210, Wednesday morning has seen the EUR/USD trade in a 1.1190-1.1210 range. Until the results of the Fed meeting are published and the subsequent press conference and announcements are made, the key currencies won’t be too active as they await the most important news of June in a sideways.

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