Crude oil 3% higher on massive stimulus packages

Avatar photo

Vrasidas Neofytou
Head of Investment Research

See all articles

Market Brief, Wednesday, 22nd of July, 2020

US stock markets rose 0.5% on Tuesday gaining support from the rally in the energy stocks and on the better-than-expected earnings from Coca-Cola and IBM. However, the Nasdaq Composite under performed dipping 0.8% as traders booked profits from the major tech names.

Asian markets edged higher on Wednesday morning following the overnight gains in Wall Street. The Chinese stock markets led the gains with 1%, extending their recent rally on massive stimulus packages.  

Crude oil prices surged 3% yesterday reaching their highest level since early March on optimism that the upcoming European and US coronavirus stimulus would help boost demand for crude oil. 

Gold prices surged above one thousand eight hundred and fifty dollars per ounce hitting fresh nine-year highs while Silver prices rallied 5% breaking above twenty two dollars per ounce on the back of the European stimulus package and US dollar weakness. 

Looking at the forex markets we can see that Euro climbed above the 1,15 level against the dollar reaching its highest level in more than a year after European leaders agreed on a historic recovery fund to prop up coronavirus-hit economies.

Important Information: This communication is marketing material. The views and opinions contained herein are those of the author(s) on this page, and may not necessarily represent views expressed or reflected in other Exclusive Capital communications, strategies or funds. This material is intended to be for information purposes only and is not intended as promotional material in any respect. The material is not intended as an offer or solicitation for the purchase or sale of any financial instrument.

Read our detailed Marketing Communication Disclaimer

SHARE

CONNECT WITH OUR TEAM

Explore the ways in which we can help you achieve your investment goals.

OUR PARTNERS
bdo

EXTERNAL AUDITOR

ey

LEGAL ADVISOR

lgt

CUSTODIAN BANK

efg

APPROVED PARTNER

Raiffeisen

DEPOSITORY BANK

Prime Fund

GROUP MEMBER