Oil Price Development June 2018

Brent crude prices edged higher for a fourth consecutive month. OHLC in June was $77.71-79.70-72.45-79.41/bbl. The price trend that month was a modest decrease till the third week and then an upward spike. Brent crude remained firmly in backwardation.

Main depressive factor, weighing on oil price sentiment, was an announcement by OPEC member Saudi Arabia and Russia that they would increase their output. Furthermore, the US continued to increase output to new record highs. In the third week of the month, oil prices jumped supported by rising geopolitical tension and an immense drop of US crude inventories.

The EURUSD exchange rate traded relatively flat in June after two months with declines. The pair opened and closed around $1.17. Mid-June, the Euro last value as the ECB announced not ti implement any interest rate hikes till the summer of 2019. At the end of June, the Euro gained in value as policy-makers averted a political crisis.

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