The crude oil continues to rise in the middle of the tight stocks, weaker US dollar, and the optimism of demand. Based on the data, NYMEX March WTI is closed and rising for 62 cent. It becomes $ 56.85 per barrel.
The ICE April Brent also rises for 50 cent. That reaches the level of $ 59.35 per barrel. The oil market fundamental has been tightening in several weeks because of the reduced OPEC+ production. There is one more thing to know.
The second wave pandemic in the United States, England, and China has been showing the good sign. The average of moving in seven days from the new COVID-19 infection in America decline and it becomed 130569 in the 4 of February.
The Vaccination Progress
Based on the data from COVID tracking project, you can see the development of everything due to this corona case. England is now on the track to supply at least one vaccine injection for all people at the end of June.
The most vulnerable groups will get their first injection in 15 of February. That is based on the media report. China reported that there were only 20 COVID-19 cases happened on 4 of February. That is a good progress for sure.
Furthermore, that also becomes the lowest daily total since 31 of December. It was stated by the national health committee in a statement in 5 of February. He said that there is a light of hope because the COVID case decrease at some places.
Those are like in the China, United States, and England. It is great inline with the vaccine launches. For the information, the countries worldwide use the different vaccines. However, most of them are having the proper effectiveness recommended by WHO.
The OPEC+ Meeting
The meeting held by the OPEC+ organization that was held in 3 of February highlighted the successful production reduction in lowering the stock of global oil. They also dont make any recommendations for any changes on production reduction deal.
A message from OPEC+ shows that the group is not disturbed by a rally of oil proces although the prospect of demand is going better. This statement was made by the TD securities analyst in a note several days ago.
The price of raw oil gets the added support from the US dollar which is weaker than before. The index of Dollar is still exactly above 91. It is decreased from the highest closing for two months. That was in 91.52 in the 4 of February.
Elsewhere, the AUD/USD is moving around 0.7700 during the beginning of the Asia session. That was happened on Tuesday. The Aussie pair increases for two days in a row. The talk about yield treasury also gets the momentum lately.
Democrat Will Do the Fund By Itself
The head of Republic party, Mitch McConnel said that Democrat has been deciding that they will do the package virus fund by themselves. Before, Senate was legalized the proposal of fund package which is awaited by so many parties.
Then, the proposal will be sent back to congress to get a further detail. The USA finance Ministry and most of the Fed members are sure to take a higher number. It is done to reach a proper recovery of economy in 2021.
It must be known that the new effort from the policy maker globally to pump the economy condition has been renewing the reflection risk. The same thing can be seen in the newest demand and the US yield treasury.
Elsewhere, the Arrests made by China against Australian news anchors and the tension between USA – Iran is discussed. However, it seems that most of the market participants accept it. That background makes Wall Street increases for 0.1%.
