Tuesday, March 2, 2021

Oil Gaining Traction Upon Improving Global Scenarios, Gold Also Risen

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Thanks to the latest US stimulus package, the continued recovery in China, and the increase of global vaccines in 2021, oil remains buoyed by expectations of a recovery in the global economy. U.S. light crude WTI won 0.7% to $53.35 a barrel for Nymex’s February futures contract, while North Sea Brent advanced 0.4% to $56.10. Gold rose by 1.5% to $1,868.40 for the February Futures contract on the Comex.

On Wednesday, Joe Biden was formally sworn in as the 46th president of the United States in Washington. Kamala Harris, alongside him, became the first woman vice president in the United States. The official Twitter account of the President, @POTUS (President Of The United States), was formally changed to Joe Biden from Donald Trump.

In his first speech as president, the Democratic leader promised to be the president of all Americans, saying I would fight as fiercely for those who voted for me as I did for others. He called for an end to inequalities, from centrist to progressive, from agricultural to urban divides. There’s no peace, without unity, he pleaded.

He said, citing the health, economic and social crises, that we will go on with pace and urgency because during this hazardous winter we have a lot to do and many hypotheses.

For his part, on Wednesday, before the arrival of his replacement, Donald Trump departed the White House, refusing to partake in the handover ceremony. Trump defended his stance in his last address, but also wished good luck and better results to the new government, without calling Joe Biden by name. Trump has said that, without elaborating, we would be back in one form or another.

The National Association of Home Builders’ housing market index for January was the only significant macro-economic indicator in the United States on Wednesday, slipping below estimates, at 83 versus 86 consensus and after 86 in December.

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