Oil And Gold Rally Continued On Weaker Dollar

On Wednesday, oil prices have been stepping up, taking advantage of the weakening dollar and prospects of a market recovery in 2021. For the January futures market on Nymex, the price of U.S. light crude oil WTI rose 0.8 percent to $48.40 a barrel, while North Sea Brent advanced 0.50 percent to $51.34. Oil also took advantage of the news of a sharp decline in U.S. weekly crude inventories (-6.1 million barrels, compared with -3.1 million expected).

Gold also gained 0.6 percent to $1,891.40 an ounce on the Comex futures market in February.

The pace of vaccination against coronavirus is also controversial. In the United States, where in the last two weeks more than 2.1 million people have been vaccinated, voices are now being raised to condemn the slowness of the Trump administration, which had originally set a target of 20 million people vaccinated by the end of the year.

On Tuesday, U.S. President-elect Joe Biden grieved delays in administering anti-Covid vaccines. “The Trump administration’s plan for vaccine distribution is far behind,” he said, pledging to “move heaven and earth” to speed up the pace. He reiterated his promise to set down 100 million doses within the first 100 days of his presidency, which will formally commence on 20 January.

Mass vaccination is a necessity for financial markets, as it is for medical experts, for ending the coronavirus pandemic and for a fast return to normal life and economic growth.

The number of reported cases of the latest coronavirus worldwide since the beginning of the outbreak is now 82.4 million, according to Johns Hopkins University today, including 19.6 million in the U.S., 10.2 million in India and about 7.6 million in Brazil. About 1.79 million people globally have been killed by the outbreak, with almost 341,000 in the United States. The first case of the new variant was found in Colorado. An analysis demonstrating that this new variant does not cause more serious diseases was responded to by the Financial Times.


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