Technical & Fundamental Oil Reports Specialists

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Yellen soothes markets

Published Friday, February 28th, 2014

After three consecutive failed attempts, it was fourth time lucky for the S&P 500 after it broke through key resistance levels and closed at a record high. The catalyst that the markets had been searching for came in the form of Janet Yellen’s testimony to Congress in which she gave support to the widely held view that adverse weather conditions were behind recent US economic softness.  The soothing comments along with an unexpected rise in durable goods orders excluding transportation for January saw gains across the board on Wall St, with the DJIA and S&P 500 both gaining 0.5%.

Global stock advances were, however, kept in check as increasing geopolitical tensions in Central Europe limited risk appetite. Relations between Ukraine and Russia continue to worsen as pro-Russian militants step up their activities in Ukraine’s Crimea region. The potential of a military escalation has further undermined sentiment and the significant weakening of both countries’ respective currencies has reignited fears of an emerging-market sell-off.

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Posted by Tamas Varga

Tamas Varga has been in the oil industry since 1992 and with PVM for 18 years. During his time in the industry he has gathered a range of experience in the oil markets. At PVM Tamas is in charge of data collection and analysis.