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Oil hovers around the danger zone - 20-04-2020

News Date: 20/4/2020 06:33:30

Expectations have become real facts ! Since the beginning of April, oil has sunk in more inaction and weakness, and its prices have decreased by an amount equal to or more than 7%. This is due to the decision of the Saudi government : which decided to raise the rate of its crude production as an attempt to pressure Russia. After not reaching an agreement that satisfies the two parties to increase the production cuts to support the prices, this constituted a major buzz in the markets : a fierce war for oil prices, and more is expected to happen. After nearly 18 years, here is the oil knows a precedent of its kind that has not been followed since Almost two decades !

Today, oil prices have decreased by 22,361%, a large number that does not herald the possibility of recovery or even standing up to reality and reducing the dependencies of the Corona virus on it.

On the other side, gold continues its global decline of 0.175% in light of the high value of the dollar, but  at least he's stable for today, while silver is known as a near bounce, even if slightly by 0.194%.

The US dollar continues to fluctuate at its levels against the euro between 1.09 and 1.07, and it recorded the highest pourcentage three weeks ago, in which it reached a rate of 1.12, while the Japanese yen also decreased by 0.10% against the dollar, bringing its price to 107 64 after it was equal to 109,097, this without forgetting to mention the Canadian dollar price which also knew a decrease of 0.38%, as the unit price against the US dollar reached 1.4053 after it was sitting at the level of 1.41. On the other hand, the US dollar loses against sterling by 0.12%, and also against the Swiss franc by about 0.135%.

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