Crude oil 3% higher on massive stimulus packages

Vrasidas Neofytou

Vrasidas Neofytou
Head of Investment Research

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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.

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