Macroeconomic review for June 29

For last 24 hours oil contracts increased by 1.7%, embedding above $49 per barrel for Brent on the news of the fall of US crude stocks. According to the American Petroleum Institute, last week crude oil inventories in the US fell by 3.9 mln. barrels, which was significantly higher than market expectations. Bloomberg predicts that the US Department of Energy will report today a decline in crude oil reserves by 2.5 million barrels. Oil prices may continue their recovery, if today Energy Information Administration would report ongoing reduction of the volume of daily production in the United States.
European equity indices are growing the second consecutive day on expectations that on today's EU summit will be announced measures to support the EU economy in the event of deterioration in GDP growth due to Brexit. Today the work of the EU summit continue, but without the participation of the United Kingdom. Yesterday the head of the European Commission Jean-Claude Juncker said that the representatives of the United Kingdom are for the last time in this room. In general, it is expected that in September, when will be the new UK government elections, will launched a program for exit of the UK from the EU structure. Also, support for the European stock indices gave the positive macroeconomic statistics in Germany. Consumer sentiment index rose to 10.1 points, which was better than market expectations.