Tuesday, November 24, 2020 5:04 AM EDT
The price of Brent once again touched March levels driven by advances in the vaccines against COVID-19, with three candidates close to being authorized, and the hope that thanks to these advances, the recovery of demand could be a reality in 2021. Brent futures due in January reached 46.71 dollars a barrel this morning, the level at which it was trading at the beginning of March, in the midst of the outbreak of the pandemic.
The WTI is also moving at levels close to March after adding gains in recent sessions and is now at around 43.51 dollars.
We will have to wait until next December 1 to find out if this price increase will disrupt the OPEC+ plans to extend production cuts beyond the end of this year due to the poor recovery in demand and the new restrictions to mobility in some countries.
On the other hand, the increases in crude prices are also coinciding with less tension in the United States, where President Donald Trump has finally agreed to facilitate a smooth transition to the new administration of Joe Biden.
Source: Admiral Markets MetaTrader 5. Brent Futures CFD Chart (January). Data range: from October 25, 2019, to November 24, 2020. Prepared on November 24, 2020, at 11:30 am CET. Keep in mind that past returns do not guarantee future returns.
Disclaimer: The given data provides additional information regarding all analysis, estimates, prognosis, forecasts or other similar assessments or information (hereinafter "Analysis") ...
more
Disclaimer: The given data provides additional information regarding all analysis, estimates, prognosis, forecasts or other similar assessments or information (hereinafter "Analysis") published on the website of Admiral Markets. Before making any investment decisions please pay close attention to the following:
This is a marketing communication. The content is published for informative purposes only and is in no way to be construed as investment advice or recommendation. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and that it is not subject to any prohibition on dealing ahead of the dissemination of investment research.
Any investment decision is made by each client alone whereas Admiral Markets Group AS investment firms (Admiral Markets) shall not be responsible for any loss or damage arising from any such decision, whether or not based on the content.
The Analysis is prepared by an independent analyst (hereinafter "Author") based on the Author's personal estimations.
To ensure that the interests of the clients would be protected and objectivity of the Analysis would not be damaged Admiral Markets has established relevant internal procedures for prevention and management of conflicts of interest.
Whilst every reasonable effort is taken to ensure that all sources of the content are reliable and that all information is presented, as much as possible, in an understandable, timely, precise and complete manner, Admiral Markets does not guarantee the accuracy or completeness of any information contained within the Analysis.
Any kind of past or modeled performance of financial instruments indicated within the content should not be construed as an express or implied promise, guarantee or implication by Admiral Markets for any future performance. The value of the financial instrument may both increase and decrease and the preservation of the asset value is not guaranteed.
Leveraged products (including contracts for difference) are speculative in nature and may result in losses or profit. Before you start trading, you should make sure that you understand all the risks.
less
How did you like this article? Let us know so we can better customize your reading experience.