Oil Rose Further On Monday While Gold Retreated

Growth in oil prices continued on Monday, November 23, following a positive trading session at the end of last week.

News of the positive results of the tests of the third coronavirus vaccine developed by AstraZeneca, as well as plans to start vaccinations in the United States from mid-December have provided support for oil prices, helping to lift restrictions on the movement of people, to restart international flights and, subsequently, to raise oil demand.

Furthermore, news about the Houthis who launched a missile attack on Saudi Aramco’s oil facilities was the situational growth factor. At the moment, Saudi officials have not commented on this case, but the incident did not impact the supply of petroleum products to customers, according to reports from the Saudi news agency.

The beginning of the transition of power to Joe Biden’s new presidential administration in the United States, which greatly reduced the impact of political instability that emerged after the election, is also worth noting. Donald Trump, however, also does not acknowledge defeat and continues to seek legal action.

Moreover, at the upcoming OPEC+ conference, the oil prices are supported by investor expectations about the potential retention of existing supply quotas for 3-6 months, which will lead to a faster restoration of the global oil market equilibrium.

On Monday, prices for December Nymex contract continued to grow at their highest level since August 26, which further added 2.15 percent to its value to end the session at $43.06 a barrel. Brent crude oil prices are testing the previous maximum level, which is $46.5, a consolidation above which may be a signal for further development.

Gold prices were down -1.86 percent on Monday and were at $1837.80 per troy ounce. The yellow metal remained adding 20 percent to its value since start of the year but has lost 0.7 in last week.


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