In the past two months, reduced almost all global indices, as investors worried about the ambiguous of the FOMC minutes, the fed and the ECB. Among officials of the American regulator is divided on a further increase in interest rates and the normalization of the fed's balance sheet. Protocols of June meeting of the European regulator, together with the review officials hinted at a possible tapering of the policy of purchase of assets from the market, so the yield of government bonds of EU countries increased by 10 b.p. Thus, the French 10-year government bonds are trading around 0.92 percent, the German is about 0.56%, the Italian - 2,27%, etc. in addition, the Bank of England also hinted at the imminent tightening of monetary policy. Thus, the increase in rates, the tapering of QE forced investors to take profits on government bonds and the stock market.

The current situation in the oil market

While there is a confrontation between the White house and the House of representatives in the U.S. Congress for adoption of the law on new sanctions against Iran and Russia, as well as limit the powers of the President of the United States oil prices are going up due to the good forecast API. So crude oil inventories fell by 8.1 million barrels, so the oil price grew 1.6% to $48.3 per barrel despite a negative report by the IEA to increase the production of shale oil with an excess of supply on the world market. In addition, while the market ignores the excess of production quotas in June, Saudi Arabia's and Saudi Aramco's statement of intention to invest about $300 billion in oil production in the next 10 years. On the part of the Saudis, the move is a response to the statement made by Qatar to increase the production of natural gas. We will remind, Qatar and Iran intend to jointly develop the North field/South Pars, where reserves are estimated at 28 trillion m 3 of gas and 7 billion tons of oil (45 billion barrels). It is interesting to note that the President of the United States actively concludes transaction for the sale of U.S. liquefied gas to Europe reinforcing its position with to protect Europe from Russian energy dependence. Although Russia may try dumping prices of gas, as the Saudis have oil to Asia despite the fact that the price war is not yet observed on the horizon. Also, the Saudis do not want to lose market share amid rising oil production in the United States. Saudi Arabia, Russia, the United States is the "three pillars" that produce 10 million b/D. the position of these countries depends on the market situation of crude oil and distillates.