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Oil Prices Kept Rising Amid Favorable Circumstances, Gold Dropped

On Friday, the ‘surge’ continued in the oil markets, with U.S. light crude WTI’s February futures contract on Nymex rose 2.8% to $52.24 a barrel, while North Sea Brent climbed 3% to $55.99. WTI soared 7.7 percent for the week as a whole, and Brent rose 8.1 percent, taking advantage of the expectations of a US recovery plan and the OPEC agreement to prolong its production cuts.

For the February Comex futures contract, gold plummeted 4.1 percent to $1,835.40 an ounce, while Bitcoin smashed new highs at nearly $42,000.

On the other end, faced with a tough situation, considering the challenge of keeping pace, financial markets continue to look ahead to the future and welcome improvements in vaccine programs. An analysis by Pfizer and the University of Texas showed that the Pfizer/BioNTech vaccine is efficient against new variants of Covid-19, first reported in the United Kingdom, in terms of reassuring data.

The voices of many analysts, however, are starting to rise to call on investors to be vigilant and alert against an unsure to be a sustainable hike on some assets, like some technical stocks (GAFA or Tesla), or Bitcoin, which since Thursday has passed the $40,000 mark and doubled in less than a month.

The powerful head of strategy for Bank of America, Michael Hartnett, among others, released a note to customers on Friday urging them to sell, taking advantage of the wave of positive coronavirus vaccine information.

At the political front, since the protests of Wednesday that interrupted the official recognition of the election of Joe Biden as the next president of the United States, the situation in Washington seems to have been explained. Donald Trump, who had prompted his followers to rally in front of Congress, reappeared on Twitter Thursday (which had suspended his account for 24 hours.). In a recording, under pressure from his advisers, the outgoing president firmly condemned the Capitol rioters. He’s accepted defeat now, but he’s still stubborn. He said that on January 20, according to custom, he would not attend Joe Biden’s swearing-in.

Democrats, now the majority of both houses of Congress, suspect Trump of inciting his followers on Capitol Hill to cause anarchy and have started hearings before January 20 to attempt to impeach him. A process that would prohibit the Republican billionaire from standing for another presidential term if finished, too.

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