Tuesday, March 2, 2021

Oil Market Was On Hold, Gold Still Unsteady

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In the face of doubt about the market and progression of the Covid-19 virus, oil ended in a distributed order. U.S. light crude WTI (Nymex’s February futures contract) gave up 0.3% to $52.61 a barrel, while North Sea Brent rose 0.1% to $55.91.

Gold fell 0.2% to $1,850.90 for the February Futures contract on the Comex. For yellow metal, this is the fourth consecutive session of the downturn, the first in 8 months.

The statistics for the Covid outbreak are starting to decrease in the face of the health crisis in the United States, unlike in Europe, where many nations, including Germany and France, are considering reinforcing their restraint measures. It seems that the height of the new wave has crossed the Atlantic, where several states, including California, are even considering relaxing such restrictions imposed in recent weeks.

President Joe Biden expressed confidence on Monday that the vaccine program would intensify, considering it would meet his goal of 100 million doses within the first 100 days into the White House. He also said that collective immunity against Covid could be achieved in the United States “by the summer.”

The total number of new cases of Covid-19 has returned to 170,559 a day over the last 7 days in the United States, down 33 percent from two weeks ago, according to New York Times figures. In recent days, the number of deaths and hospitalizations has also started to decrease, but the numbers remain alarming.

The number of reported cases of the latest coronavirus worldwide since the beginning of the outbreak is now up to 100 million, according to Johns Hopkins University today, including 25.3 million in the US, 10.7 million in India, and 8.8 million in Brazil. Worldwide, the pandemic took 2.14 million lives, including more than 422,000 in the most bereaved nation, the United States.

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