Tag
CHIEF GLOBAL MARKET STRATEGIST
The Dow Jones Industrial Average plunged by 1.3%, closing with 30,223.89 and dropping about 700 index points at one point.
Gold futures were trading at $1,937 an ounce printing a gain of $42 per ounce.
WTI futures traded at $48.85 a barrel thereby printing a gain of 0.68% and Brent crude futures gained 0.69% to trade at $51.80 per barrel.
Recent data retrieved from the American Petroleum Institute (API) reveals a decline of 4.785 million barrels for the week ending December 25.
Brent crude futures gained 0.5%, to $51.09 a barrel, and U.S. WTI crude futures also rallied by 0.5%, to $47.85 a barrel.
Gold prices are dropping amid the complexity seen in the U.S. COVID-19 stimulus package deal.
Brent oil futures were up by 0.83% to $51.62, increasing the odds of staying above $50/barrel before Christmas.
At the time of writing this report, Brent oil futures were down by 1.06% to $49.30 thereby dropping below the $50 mark.
The U.S dollar index used to track the greenback's strength against major currencies gained 0.4% to trade at 90.377.
Crude oil prices were fired up for the seventh straight week leading to the longest winning streak since April 2019
At the close of the US stock market, the Dow Jones Industrial Average surged by 0.49% to print a new all-time high.
Oil prices are presently cooling off on the bias of the $900 billion economic stimulus package lingering at the U.S Congress