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Old 29-12-2020, 13:06
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KostiaFM KostiaFM is offline
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Default Re: Daily Market Analysis by ForexMart

Brent. December 29, 2020 Oil market demonstrates growth in the pre-New Year week

Oil prices are steadily growing during trading on Tuesday amid growing investor appetite for risky assets. A strengthening factor was the adoption of new stimulating measures in the United States. The cost of February futures for Brent rose to $51.65 per barrel, while the price of WTI reached $48.30 per barrel.

On Monday, the House of Representatives of Congress approved an increase in stimulus payments from $600 to $2,000 at the request of Donald Trump. Moreover, on Sunday, Trump signed the country's fiscal 2021 budget of $2.3 trillion. It is noted that the budget includes a package of measures to support the economy in a pandemic in the amount of $900 billion.

In addition, the general weakness of the US dollar also supports oil prices. However, experts believe that the growth of the oil market may be suspended due to concerns about a new strain of coronavirus and imposed restrictions on the movement of people between countries.
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