Market Update

The International Energy Agency has warned that the start of vaccination campaigns to prevent Coronavirus this month will not quickly reflect the devastation inflicted on global oil demand. “The understandable euphoria around the start of vaccination programmes partly explains higher prices but it will be several months before we reach …

Data announced by the Office for National Statistics today, Tuesday, revealed that China’s domestic production of crude oil in November rose 1.2% year-on-year to 15.96 million tons. Production since the beginning of the year reached 178.63 million tons, up 1.6% year-on-year. Refinery consumption of crude oil at the national level …

European shares stabilized on Tuesday (December 15th), after an increase in cases of Covid-19 disease forced governments to tighten control measures across the continent, negatively affecting optimism about the distribution of vaccines and hopes for a trade agreement between Britain and the European Union. A new strain of Coronavirus was …

Gold rose on Tuesday (December 15th), as the increase in COVID-19 cases and restrictions imposed on investors’ appetite for usually riskier assets and boosted the bet on more stimulus ahead of the US Federal Reserve meeting. Gold rose in the spot market 0.7% to $ 1839.20 an ounce by 07:05 …

The unemployment rate in Britain increased again in three months until October, while the number of workers who were laid off reached a record high, as companies prepared for the end of the government’s job support program as part of measures to mitigate the repercussions of the Corona pandemic, which …

The US Energy Information Administration said in a monthly forecast that the United States’ oil production from shale formations is expected to decrease by about 136 thousand barrels per day in January to 7.44 million barrels per day, the lowest since June. Production is expected to decline from nearly all …

Democrat Joe Biden won the electoral college, which formally determines the next president of the United States, to end President Donald Trump’s campaign to reverse his November 3 election loss. And the state of California, which has 55 electoral votes in the electoral college, gave Biden the vote so that …

The New York Stock Exchange (NYSE) closed the first session of the week mostly lower, amid concerns about the rising number of Coronavirus cases in the United States. The Dow Jones Industrial Average, which reached an all-time high earlier today, finished Monday lower by 0.62% at 29,861.55 The S&P 500 …

Oil prices surged on Monday, opening the week with a strong performance as they rose to their highest closing level since March. Positive news about Coronavirus vaccines helped crude prices stage a strong come back. This comes despite some concerns about the demand outlook, after the Organization of the Petroleum …

Gold prices closed Monday on a lower note, amid optimism about new Coronavirus vaccines and concerns that a new stimulus package in the United States may not be in the making. Gold futures for February delivery declined by $11.50, or 0.6%, to close at $1,832.10 per ounce. This is the …