Oil is experiencing its most bullish day in the last five months this Monday. Crude oil has been infected by the euphoria of the markets at the latest news about the vaccine, Pfizer claims its Covid vaccine is 90% effective. The barrel of Brent, a reference in Europe, shoots up 8.5% to 42.81 dollars while West Texas advances 9.6% to 40.72 dollars.
Oil is the face of the coin, the cross is gold. The refuge value par excellence in every crisis it falls back about 5% at this time on Monday to $ 1,857. The precious metal has appreciated 26% so far this year. "In view of the weekly chart of the ounce of gold, we can see how the lateral movement of the last few months may have come to an end," explains José María Rodríguez, technical analyst at ForexNews.online.
"There was growing nervousness that we might not get a strong vaccine result, so this unleashed risk in trading and, for gold, marked a mass exodus of safe haven stocks”Says Edward Moya, Senior Market Analyst at OANDA.
The 'black gold' is also being encouraged by the latest news from Saudi Arabia. The Asian country would have reached an agreement with OPEC + to adjust oil production and compensate for the increase in supply and weak demand.
Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman has explained that the deal on oil production cuts could be adjusted as it has been in the past. if there is consensus among group members.
Despite the optimism that is marking the day on Monday, experts ask to keep your feet on the ground. "The economy still needs a lot of support and only 50 million doses will be available, so we are not safe with the virus and the stimulus calls will be increasing, ”Moya concludes.