Oil Prices Dropped On Tuesday While Dollar Showed Stability

On Tuesday, crude oil prices were in the red, with WTI dropped by 1.6 percent below to $47.02 while Brent was also down -1.63 percent to the $50.08 mark.

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Following months of deadlock, the U.S. Congress, on Monday, approved a funding package of almost $900 billion to mitigate the impact of the pandemic on the U.S. economy. The package provides direct assistance to citizens and extra compensation for job seekers.

The dollar index that measures its evolution against a basket of six currencies including euro, pound sterling, yen, Swiss franc, Canadian dollar and Swedish krona, on Tuesday rose by 0.68 percent to 90.65 points. Dollar stabilized its position against Euro which rose just 0.17 percent to $1.2237. The yield on the 10-year T-Bond dropped 3 basis points to 0.9410 percent on the U.S. government bond market.

On the surface, in the United States, the third quarter was also historic. Third-quarter GDP for its final reading rose at a rate of 33.4 percent relative to the previous quarter, compared to 33.1 percent previously reported, according to the government report. However, this unprecedented turnaround follows an equally historic recession in the second quarter when the largest economy in the world slumped over the period by 31.4 percent. Personal consumer spending also accelerated at a 41 percent rate in the third quarter, following a 33.2 percent decline in the second quarter.

This surge now seems to be a long way off, dating back to last summer, when a new wave of Covid-19 is now facing the United States. At the end of the year, the new lockdowns introduced in some states are projected to weigh heavily on economic activity.

Conference Board (CB) Consumer Confidence for the U.S. also dropped to 88.6 in December of 2020 from revised figure of 92.9 in November, while remaining below from market forecasts of 95.1, preliminary estimates showed. The consensus of the economists was on an indicator reaching to 97 for the month of December.