Stock exchange news. The summit of European Union in Dusseldorf on October 17 did not meet the expectations, which immediately influenced the price of WTI oil future. The plan on the EU recovery from crisis has not been adopted during the summit.
Disappointment during the summit was caused by the statement of Greek Minister of Finance that the previously announced date of October 23 was too early to announce the tools of European Union economic recovery. Nevertheless, the main principles of next (second) financial tranche to Athens will be announced on October 23.
At the same time, the countries with best state of economy in EU are encouraging to recover from debt crisis as quickly as possible, as this will help to generally have less influence on Eurozone economy. Agreement to set new debt limits can become the next significant step.
According to the analytics of Masterforex-V Academy Department of Derivatives Trading, EU is in a difficult situation, as it is obliged to form strategies for recovery from debt crisis, but banks are not satisfied with the measures taken for large scale remission of debts to Greek government and rapid recapitalization of banks.
The price of WTI oil future keeps being pressured down. It has currently approached the level of resistance of 85.00 dollars per barrel. If oil will not be able to set at this point, it will decline to the level of support of 80.00 dollars per barrel.
