Concerned about demand, Covid-19, mixed oil prices

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Closing session 26/1, Brent oil price increased, WTI decreased. Gold prices fell on January 26 due to concerns about a new Covid-19 support package while investors waited for the results of the Fed meeting.

Brent oil futures rose 3 cents, or 0.05%, to $55.91 a barrel.

WTI oil futures fell 16 cents, or 0.3%, to $52.61 a barrel.

The American Petroleum Institute estimated U.S. inventories fell by 5.3 million barrels for the week ended January 22, contrary to analysts’ forecasts for a 430,000-barrel increase. Official data will be released by the US Energy Information Administration (EIA) on January 27.

Indonesia, the world’s fourth most populous country, recorded the number of Covid-19 infections surpassing 1 million while the number of deaths from the pandemic in the UK surpassed 100,000. In the US, the number of infections exceeded 25 million on January 24.

Market sentiment was also affected by Democrats still trying to convince Republicans of the need for more economic support, raising doubts about when a stimulus package will be passed, under any form.

“Increasing Covid-19 cases, difficulties in vaccine distribution and related to President Joe Biden’s economic stimulus plan all put pressure on oil prices,” said Robert Yawger, director of energy futures at Mizuho Securities.

Compared to some other countries, the deployment of the Covid-19 vaccine in the European Union (EU) is slow and problematic, not only the supply chain is disrupted.

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Oil prices received a boost from the news of an explosion in the capital Riyadh, Saudi Arabia, although the cause was unknown and a number of other geopolitical tensions.

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Precious metal

Gold prices fell on January 26 due to concerns about a new Covid-19 support package while investors waited for the results of the Fed meeting.

Spot gold on the New York Stock Exchange fell $5.60 to $1,850.6 an ounce.

Gold futures fell 0.2 percent to $1,850.9 an ounce.

Spot gold price on the New York Stock Exchange on January 26.

Silver prices rose 0.6 percent to $25.46 an ounce.

Platinum rose 0.1% to $1,099.74 an ounce.

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Source: https://www.stockbiz.vn/News/2021/1/27/907317/lo-ngai-ve-luc-cau-covid-19-gia-dau-trai-chieu.aspx

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