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Crude oil prices recover following bullish inventories data
- WTI and Brent futures are up by 0.60% and 0.66% respectively after trading sideways for about two weeks.
- API has indicated a decline of US oil inventories by 5.272 million barrels; better than experts' forecast.
- While the rising COVID-19 cases have triggered demand concerns, China's aggressive measures have eased fears.
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Palladium price remains in the bull market but coronavirus concerns could add further pressure
Palladium extended its correction from the recent highs above $2500 registered in the first week of January; still, as long the price is above $2000, there is no risk of the bear market. Worries over a new pandemic wave in China together with new lockdowns worldwide, could add further pressure…
January 24, 2021
Crude oil price remains under pressure by worries over a new pandemic wave in China
The crude oil price has weakened more than 1.7% on Friday, pressured by a build-up in U.S. crude inventories and worries over a new pandemic wave in China. The price of crude oil continues to trade above the $50 support level, but rising Covid-19 cases and new restrictive measures could…
January 23, 2021
Platinum price remains in the bull market but coronavirus concerns could add further pressure
Platinum extended its correction from the recent highs above $1150, but as long the price is above $1000, there is no risk of the bear market. Joe Biden was inaugurated as the 46th U.S. president this week, and he will sign today two executive orders aimed at speeding pandemic stimulus…
January 22, 2021
Crude oil prices soar despite projected decrease in oil demand in 2021
The International Energy Agency (IEA) slashed its global oil demand outlook for 2021, as a result of a resurgence in coronavirus infections and reiterated lockdown measures. Fundamental analysis: Slashed global demand outlook According to the updated outlook, the agency expects global oil demand to increase by 5.5 million barrels per…
January 19, 2021