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Market Analysis

December, 2020

  • 3 December 2020 4:02 pm

    Oil Rises as OPEC+ Resumes Talks to Extend Production Cuts

    Oil prices rose Thursday, December 3, after a dispute erupted between two producers, including Saudi Arabia and Russia, over the need to extend the deadline for record production cuts that began during the first wave of the Covid-19 pandemic. Brent crude rose 21 cents, or 0.4%, to $48.46 a barrel …

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  • 3 December 2020 2:46 pm

    OPEC + Resumes Talks on Oil Policy in 2021 Amid Disputes

    OPEC and Russia will resume talks Thursday (December 3) in an effort to define policies for 2021 after an initial round of discussions this week failed to reach a compromise on how to cope with weak oil demand amid a second wave of the coronavirus pandemic. It was widely expected …

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  • 3 December 2020 1:52 pm

    Gold Rises as US Dollar Weakens, Investors Await a US Stimulus Deal

    Gold rose Thursday, December 3, to its highest level in more than a week, as the dollar fell to its lowest level in several years due to hopes of soon distributing a vaccine for the Coronavirus, while investors continued to follow the developments of the stimulus agreement in the United …

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  • 3 December 2020 1:03 pm

    China Caixin Services PMI Rose to 57.8 in November

    Chinese Caixin Services PMI rose to 57.8 in November from 56.8 in October, the second highest reading since April 2010. Total new business grew in November to the highest level since April 2010, with new export business expanding for the first time in five months. It is reported that the …

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  • 3 December 2020 12:32 pm

    Japan Shares Closed at The Peak of 29 Years on Vaccine Hopes

    Japanese stocks stabilized Thursday, December 3, near a 29-year high, as major countries close to distributing coronavirus vaccines, while sentiment also received support from hopes for more stimulus. Nikkei ended the session modestly gaining 0.03% at 26,809.37, but held near its highest level since April 1991, while the broader Topix …

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  • 3 December 2020 1:17 am

    Trump Could Run for President Again in 2024 – Reuters

    The President of the United States, Donald Trump, could be preparing another campaign to run for the presidency in 2024, Reuters reported on Wednesday. Trump, who is yet to concede his loss in the recent elections to President-elect Joe Biden, reportedly told an assembled group earlier that “we are trying …

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  • 3 December 2020 1:04 am

    Oil Settles Higher Awaiting OPEC Decision

    Oil prices closed higher on Wednesday, amid anticipation for the OPEC+ alliance decision on production cuts. Brent crude futures for February delivery rose by 83 cents, or 1.8%, to finish at $48.25 per barrel. Meanwhile, the West Texas Intermediate (WTI) crude futures for January delivery gained 73 cents, or 1.6%, …

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  • 3 December 2020 12:25 am

    Gold Rises for Second Day in Row

    Gold prices rose for the second consecutive session, supported by positive news about a new stimulus package in the United States. Gold futures for February delivery gained $11.30, or 0.6%, and closed at $1,830.20 per ounce. The back-to-back gains come after a strong correction wave for the yellow metal, and …

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  • 3 December 2020 12:01 am

    Fed’s Williams: Recovery is Slowing Without Stimulus

    The President of the Federal Reserve Bank of New York, John Williams, said on Wednesday that the US economy was showing a better than expected recovery pace until recently, Reuters reported. However, growth has slowed due to the absence of economic stimulus. “We are still in a very deep recession.”“One …

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  • 2 December 2020 11:01 pm

    European Stocks Returns to Losses

    European stocks closed lower on Wednesday, but in the UK stocks closed higher on news about the approval of a Coronavirus vaccine. The STOXX Europe 600 index finished lower by 0.1%. The French index CAC40 edged up by 0.03%, while the German DAX decline by 0.52%. Last month was the …

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  • 2 December 2020 9:17 pm

    DXY Declines After Fluctuating

    After rising earlier in the day, the US Dollar (USD) is declining across the board of Wednesday. The Dollar Index (DXY), which measures the USD performance against a basket of six major international currencies, is down by 0.15% at 91.18. The index has been moving throughout the day in a …

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  • 2 December 2020 8:44 pm

    Dollar Drops to Its Lowest Price in Two And a Half Years

    The dollar tumbled to a new level, its lowest in two and a half years, on Wednesday, under the weight of renewed expectations for a US fiscal stimulus. The market’s appetite for risk increased, bringing the dollar to its lowest level since April 2018, due to a proposed economic stimulus …

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  • 2 December 2020 8:01 pm

    EIA: US Crude Inventories Declined And Fuel Surged Last Week

    US inventories of crude oil decreased while gasoline and distillate inventories rose, the US Energy Information Administration said Wednesday. Crude stocks fell by 679,000 barrels over the week ending November 27 to 488 million barrels, while analysts in a Reuters poll expected a drop of 2.4 million barrels. Crude stocks …

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