On Thursday, December 17, oil prices updated their nine-month highs. In general, the sentiment on the commodity markets remained very positive, owing to the expectations of a positive impact of the population’s coronavirus vaccination, as well as the introduction of a new package of economic stimulus.
Brent crude oil’s February futures traded in the green with a rise of 0.82 percent and concluded at $51.50, WTI crude oil’s January futures increased by 1.1 percent to $48.36, its high since March. On the other hand, gold prices rose by 1.68 percent to $1887.20 per Troy ounce on Thursday.
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The prices of ‘black gold’ rose four days in a row during the week, while on Thursday they hit the highest values for more than nine months. Brent crude oil prices have set another record, while the dynamics of the stochastic oscillator confirm the rising trend: the current value of the indicator is higher than its previous local peak. At the moment, the movement’s closest goal is the $53 mark.
Strong sentiment in the oil market persisted, in general. Investors are waiting for the eventual implementation of a new stimulus plan for the US economy, which should have a positive effect on the amount of fuel consumption in the United States and as a consequence, lead to the further recovery of oil prices.
Additional oil price support has begun to vaccinate the population in the United States, Canada, the United Kingdom and many other nations, creating conditions for the subsequent elimination of current restrictions, open borders between countries and post-crisis global economic recovery.
Regarding oil market figures, weekly data on the number of active drilling rigs in the United States from the American oilfield services company Baker Hughes will be released. The indicator grew by 12 units to 258 units at the end of the previous week.