Market Update

Oil prices increased due to the slow resumption of US crude production after it was reduced by freezing weather conditions while demand recovered from its low levels during the Corona pandemic. Brent crude rose 55 cents, or 0.9%, to $63.46 a barrel, after increasing nearly 1% last week. U.S. crude …

US media reported that US authorities said that about 8.8 million Texas residents were still facing water supply problems after an unprecedented frost wave damaged power plants last week. The authorities still advise millions of Texas residents to boil water before using it, although all power stations returned to work …

The German economy is heading for improvement, and that sentiment has improved in the industrial sector, in particular, said Klaus Vollerbe, an economist at IFO, on Monday. He added that companies had revised production plans upwards and had increased export expectations for the industry. “The German economy is looking towards …

Today’s survey showed that German business confidence increased much more than expected in February, reaching its highest level since October as the industrial sector supports Europe’s largest economy despite the restrictions of lockdown measures. IFO said its business climate index rose to 92.4 from a revised level of 90.3 in …

Bitcoin fell more than 6% today, Monday, after rising to a record high of $58,354 the previous day, as selling in global stocks hampered risk appetite. And the world’s most popular cryptocurrency rose over the weekend to record levels, nearly doubling in value since the start of the year. Its …

The dollar trimmed its losses in early European trade after reaching its lowest level in several years against the pound sterling and the currencies of Australia and New Zealand, as bond yields rose in light of progress in Corona’s immunization programs and expectations of an acceleration of economic growth and …

Goldman Commodities Research raised its Brent crude oil price forecast of $10 for Q2 and Q3 of 2021, indicating lower expectations for stocks and higher cost margins for resuming upstream activities and speculative inflows. The American bank expects Brent prices to reach $70 a barrel in Q2, from the $60 …

Gold prices rose, after reaching its lowest level in more than seven months in the previous session, as support from the dollar’s weakness overshadowed the pressure caused by the rise in Treasury yields. Spot gold rose 0.5% to 1,791.50 dollars an ounce, after touching its lowest level since the second …

The Kingdom of Saudi Arabia and Russia have all divided overviews on production strategy ahead of the upcoming OPEC+ meeting. Saudi Arabia sees a preference for keeping production steady, but Russia wants to increase supplies, Bloomberg reported. OPEC+, which includes members of the Organization of the Petroleum Exporting Countries (OPEC) …

Japanese stocks jumped, ending a three-day losing streak, as optimism about the economy’s recovery from the pandemic prompted new purchases of materials companies, those related to travel, and cheap ones linked to the economic cycle. The benchmark Nikkei index rose 0.46% to 30,156.03 points, while the broader Topix index gained …