The US market underwent a slight correction yesterday, with the Nasdaq Composite dipping by 1.% and the S&P 500 falling by 0.4%. The DJIA, in the meantime, stood strong and showed 0.16% growth.
At the same time, world oil prices rose by 5% amid reports of declining US reserves. Apparently, supply dipped by 5.9 million barrels during the week. Price is projected to go higher in the coming days.
The Federal Reserve also released its Beige Book yesterday, in which it indicated that economic activity in the US accelerated to a moderate pace from late February to early April. There are also signals of rising inflation, which could lead in another growth in Treasury and dollar yields.
Unfortunately, the same can not be said in Europe, as according to the European Central Bank, the bloc is still in recession. Accordingly, the central bank will not stop its assistance programs, at least until the EU achieves full recovery.
Forecasts:
Brent is currently trading at $ 66.60. It is projected to fluctuate from $65.00 to $68.00 today.
Meanwhile, WTI is at $ 63.30 today. It is expected to range around $ 61- $ 65 today.
Important: A report on US employment will be released today. Weak figures may cause a strong pullback in the US market.