Oil Rose With WTI Crossing $50 Mark After 11 Months, Gold Faced Profit Taking

In the oil markets, prices started to increase after a 5% leap on Tuesday, following OPEC’s surprising decision in February and March to prolong its supply cuts, amid the risks associated with the revival of the coronavirus pandemic. For the February futures market on the Nymex, the price of U.S. light crude oil WTI earned 1.4 percent to $50.63 a barrel, finishing over $50 for the first time in 11 months. In February, Brent North Sea oil advanced 1.3 percent to $54.30.

This condition improved oil stocks: 3.2 percent for Chevron, 3.9 percent for ConocoPhillips, 2.5 percent for ExxonMobil, and 0.75 percent for Transocean.

Oil also took advantage of the announcement on Wednesday of a sharper-than-expected decline in U.S. oil inventories for the week ending January 1. Eight million barrels dropped to 485.5 million barrels, while the consensus was for a drop of 2.7 million barrels.

After a rise of more than 3 percent in two sessions, Gold was the target of profit-taking. The price of the yellow metal dropped 2.3 percent on Wednesday night to $1,908.60 an ounce for the Comex futures contract in February.

In the health situation, according to the New York Times reports, the outbreak statistics in the United States hit new records on Tuesday, with 3,664 deaths and nearly 240,000 cases reported in 24 hours. On average, in the United States over the past week, the number of new daily cases has been close to 220,000, confirming the concerns of analysts regarding the accelerating impact of the holiday season. According to the Covid Monitoring Initiative, the number of individuals hospitalized for coronavirus hit a record 131,195 on Tuesday, up from 128,210 on Monday.

The number of reported cases of the latest coronavirus globally since the beginning of the outbreak has now surpassed 86 million, according to Johns Hopkins University in the United States, including 21 million in the United States, 10.3 million in India, and about 7.7 million in Brazil. 1.86 million people worldwide have been killed by the outbreak, with more than 357,000 in the United States.

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