Prices of oil close mixed on rising worries over increased output from OPEC

Prices of oil on Wednesday closed mixed due to the rising concerns over increasing output from OPEC Countries. Brent crude futures were trading at $75.38 per barrel, after losing 1 cents compared to their previous settlement. On the other hand, United States West Texas Intermediate crude futures climbed by 0.2% and settled at $66.86 per barrel.

Oil prices were affected by investors and analysts’ rising concerns over growing crude supplies from OPEC and Russia. Reports claimed that OPEC and Russia along with other non-OPEC members would raise their production by an approximately 500,000 barrels per day. However, this is yet to be confirmed on the anticipated meeting between Russia and OPEC which will be held in Vienna on June 22, 2018.

Euro hovers near a 10-month low against the dollar on rising concerns regarding the Italian political crisis

The euro managed to slightly recover from its decline against the dollar on Wednesday after rising to $1.1542. Nevertheless, it is still very close its 10-month low of $1.1510 recorded on Tuesday. The euro also managed to slightly recover against the Japanese safe-haven yen, trading at ¥125.31, which was an inch away from the European currency’s 11-month low of ¥124.62 yen recorded on the previous session.

The intensifying political crisis in Italy negatively affected the euro. Italian President, Sergio Mattarella’s actions on Sunday gave rise to the possibility of an early election that could lead to a euro-sceptic government in Rome.

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