Russia is prepared to reduce oil production to counter the price decrease caused by the coronavirus, as has been announced by Russian president Vladimir Putin. Regardless of this announcement, Putin indicated that Russia is content with current oil prices. Last week oil prices showed the largest decrease since the financial crisis. Putin’s announcement resulted in a recovery of oil prices. Since the announcement this weekend to the opening of business today, the price of a barrel of oil (WTI) increased by 6.1% to USD 47.49.
The Organization for Economic Cooperation and Development (OECD) expects the growth of the global economy to decrease as a result of the outbreak and spreading of the coronavirus. In November 2019, the OECD forecasted a growth of 2.9% for the global economy, which is regarded by the OECD as weak. The OECD currently forecasts a growth of 2.4%.
The industry in the United States shows minimal growth in February 2020. Figures from research firm ISM show that activity in the US industry grew slightly in February, as a result of the outbreak of the coronavirus. The purchasing managers’ index recorded a level of 50.1 against 50.9 in January.
The 6M Euribor decreased with 1 basis point to -0.39% compared to previous business day. The 10Y Swap decreased with 2 basis points to -0.20% compared to previous business day.
In the attachment, today’s market data on money and capital market rates as well as other rates are presented.
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