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Oil prices advance, driven by the announcement of the Corona vaccine: 12-08-2020

News Date: 12/8/2020 08:51:32

Gold prices are still continuing to decline, after the SOM session concluded yesterday, with a decline of 5%, to start trading today with a loss of 2.1% in the first hours of the day, reaching a price of 1872.62 dollars per ounce, and it is still continuing to collapse, which He knew it, especially after the advance of Treasury bond yields, which weakened gold and lost its status, as bond yields rose by 10 points since the beginning of the month until now, amid the influx of debt issuance.


On the other hand, oil futures contracts rose under the support of the American Petroleum Institute, which showed a greater than expected decline in inventories : Crude oil inventories decreased for the past week by 4.4 million barrels, which missed expectations (3.2 million barrels).

 WTI futures traded at $ 41.77 a barrel, after rising by 0.38%, while Brent futures traded at $ 44.73, after rising by 0.52. %.


In addition to the support that oil futures contracts received from the American Petroleum Institute, the announcement of a vaccine against Corona had an impact on oil prices : Russian President Poutine Vladimir announced the creation of an effective and ready-to-use vaccine against the Corona virus, but some countries still question the effectiveness of the vaccine. .


The US dollar index rose 0.2% to 93,736 points, while the dollar pair fell against the euro by 0.1%, to be traded at $ 1,1732, with the good progress of the dollar against the Japanese yen by 0.3%, to score 106, 78 dollars.

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