Baku. 29 October. REPORT.AZ/ Report’s analytical group has analyzed the developments of the past week.
Global oil prices decline.
Report’s analytical group says that Brent crude price dropped by nearly 3%, WTI crude – by 2.75% last week.
The reason for this may be a statement of Saudi Arabia’s representative in OPEC that supply in oil market will exceed demand, and decline in demand for oil is expected to be accompanied by a decrease in global economic activity.
However, oil market becomes strained by the US decision to impose sanctions on Iran’s oil export, China’s imposing ban on some companies to buy oil from Iran and opinion of market participants about the rise in oil prices soon.
The share market also faced losses. Dow Jones and S&P 500 have lost the indicator of this year’s growth. This was caused by US Fed’s decision to increase the interest rate and slowdown in global economic development.
Almost all performances of global indices during the past month are ‘negative’.