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Market Analysis

November, 2020

  • 12 November 2020 5:15 pm

    IEA: Permanent Shutdowns of Refineries Accelerated Due to The Pandemic

    The International Energy Agency said that the permanent shutdowns of refining capacity expected in 2020-2021 rose to about 1.7 million barrels per day in light of the Covid-19 pandemic striking demand for oil products. The agency added that the past few months have witnessed the announcement of the closure of …

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  • 12 November 2020 4:42 pm

    IEA Cuts 2020 Global Demand Forecast

    The International Energy Agency said that it is unlikely that global oil demand will receive a big boost from the distribution of vaccines to prevent infection with Covid-19 before late 2021, in a view that is likely to dampen the oil price gains made since the announcement of progress on …

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  • 12 November 2020 4:27 pm

    Industrial Production in Eurozone Declined in September

    Industrial production for the Eurozone fell unexpectedly in September due to factors most importantly a sharp decline in the production of consumer durables, which is a negative indication of a quarter that has begun to strong. The European Union’s statistics office said industrial output in 19 eurozone countries fell 0.4% …

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  • 12 November 2020 3:31 pm

    Bitcoin Smashes $16,000 Hurdle

    Bitcoin has topped the critical $16,000 after the first attempt failed to make significant progress on Wednesday. The flagship cryptocurrency appears to be on steroids, with the price action having lifted above $16,100. The Relative Strength Index also supports the breakout after bouncing off support at the midline.

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  • 12 November 2020 3:14 pm

    Oil is Rising With Potential Supply Cuts to Offset Weak Demand

    Oil prices rose Thursday, November 12th, taking crude gains since the start of this week to more than 10%, thanks to growing hopes that major producers around the world will be reluctant to increase supplies, while the increase in cases of Covid-19 undermines demand for fuel. By 07:32 GMT, US …

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  • 12 November 2020 3:10 pm

    European Stocks Drop Due to Fears of The Second Wave of Corona

    European stocks fell on Thursday (November 12th) from their highest in eight months, as a surge in coronavirus cases raised doubts about a faster economic recovery and overshadowed positive quarterly earnings reports. The Stoxx600 index of European shares fell 0.7% by 08:04 GMT, erasing some of the shine of the …

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  • 12 November 2020 3:07 pm

    US Dollar Holds on to Its Gains as Investors’ Enthusiasm For Covid-19 Vaccine Wanes

    The dollar held on to its gains in general Thursday, November 12, as investors trimmed their optimistic expectations about the Covid-19 vaccine, which is unlikely to prevent a bleak winter in Europe and the United States with the escalation of the second wave of the pandemic. The dollar index rose …

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  • 12 November 2020 3:03 pm

    Gold Rises After Coronavirus Fears Outweighed Optimism About Vaccine

    Gold prices rose Thursday, November 12th, after falling by more than 1% in the previous session, after the impact of fears of the economic repercussions of the increase in cases of Covid-19 outweighed positive developments regarding a vaccine for the disease. By 05:49 GMT, spot gold prices rose 0.2% to …

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  • 12 November 2020 12:58 pm

    Nikkei Closed at a 29-Year High

    The Nikkei index closed Thursday, November 12th, near its 29-and-a-half year high as technology stocks tracked their US counterparts, but gains were capped by profit-taking selling following a surge fueled by optimism about developments related to a Covid-19 vaccine. The Nikkei index rose 0.68% to 25,520.88 points, after reaching its …

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  • 12 November 2020 12:27 pm

    UK GDP Rebounds 15.5% QoQ in Q3

    The preliminary reading of the third quarter 2020 UK GDP came in at 15.5% QoQ vs. 15.8% expected and -19.8% last while on an annualized basis the figure stood at -9.6% vs. -9.4% expected and -21.5% seen previously.

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  • 12 November 2020 12:04 pm

    Oil Rallied on Hopes of Reversing Oversupply

    Oil prices rose during morning trading today, Thursday, extending the week’s gains to more than 11% on mounting hopes that oil producers will be Reversing Oversupply due to increasing Coronavirus cases. West Texas futures rose about 12 cents, recording $ 41.57 a barrel. While Brent futures rose by 9 cents, …

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  • 12 November 2020 2:10 am

    Tech Stocks Stage Strong Come Back in Wall Street

    The New York Stock Exchange (NYSE) showed a mixed performance on Wednesday, with tech stocks staging a recovery after a sloppy performance during the past two sessions. The Dow Jones Industrial Average declined by 23.29 points, or 0.1%, and closed at 29,339.54 points. The S&P 500 index added 27.17 points, …

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  • 12 November 2020 2:04 am

    Oil Maintains Rising Streak with Modest Gains

    Oil prices rose slightly on Wednesday, to maintain their rising trend, since positive news about the success of a Coronavirus vaccine emerged. In addition, a decline in US crude inventories supported crude prices. Brent crude futures for January delivery rose by 19 cents, or 0.4%, to close at $43.80 per …

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