Positive trading in commodity markets and global stock exchanges 2021-02-08T17:57:37 Oil News Positive trading in commodity markets and global stock exchanges Positive trading in commodity markets and global stock exchanges: Today, Asian stocks approached record levels. Oil rose nearly to $ 60 a barrel due to hopes of stimulus package was worth $ 1.9 trillion. Dollar is expected to be further supported in United States as Covid-19 vaccination gains momentum around the world. Evest is following up market developments with you daily. Oil continues rising to its highest levels in more than a year Oil prices continued to rise today after ending last week at their highest levels in more than a year which have a positive trading . Strong demand from China remains the main driver of market growth which has not been contracted in spite of new outbreak of Corona virus in the country. According to Bloomberg According to Bloomberg, 127 oil tankers has been dispatched to Chinese ports, carrying a total of more than 250 million barrels of oil since February 5. This is the highest number recorded in 6 months. The last time China bought an equally large amount of oil was shortly before price of West Texas Intermediate fell to negative levels, using lower prices to renew its reserves. Cost of April Brent oil futures is $ 60.05 a barrel, which is $ 0.71 and 1.2% higher than previous session’s closing price. This is the highest closing price since January 29, 2020. As for US West Texas Intermediate (WTI) crude, price of March futures was $ 57.47 a barrel which is $ 0.62 and 1.09% higher than level of previous trading close. On Friday, prices rose by $ 0.62 and by 1.1% to record $ 56.85 a barrel. This was the highest value of a barrel since January 21 of last year. last week During last week, Brent crude rose at a rate of 7.8%, and West Texas Intermediate crude rose by 8.9% in a positive trading in crude oil. OPEC + agreement and efforts of countries to reduce production remain the other positive factor in increasing prices of oil, as in January, Saudi Arabia announced that it would voluntarily reduce production by 1 million barrels a day in February and March. Other OPEC + countries agreed to decrease production and besides their contribution, cumulative reduction will be about 1.425 million barrels of oil a day. New support for gold This morning, gold rose again taking advantage of US labor market data which supported it despite strength of US dollar and increasing US revenues. Gold futures for April delivery rose by $ 1.8 to record $ 1841.80 an ounce. January numbers for US job market were almost as expected but when compared to December numbers, it could be more devastating. Instead of 140,000 jobs lost during December, 227,000 more jobs were lost in January. In coming days, players in gold Market are likely to pay close attention to inflation figures coming from China, Germany and United States of America. High records for global stock exchanges Global stock markets have reached high records in recent days amid hopes for a faster economic recovery which is led by successful vaccination and expectations of a massive stimulus package in United States of America. MSCI Asia Pacific Index, in its most recent trading was up 0.3% at a rate of 717.2 points after rising to 730.16 points at the end of last month. Japanese Nikkei index closed at 2.1% higher to record 29.389 points. This is the highest closing price since 1991. Australia’s benchmark index rose by 0.8%, as it was pushed by technology and mining stocks. China’s leading stock index CSI 300 rose at a range of 0.1%, while E-mini futures of Standard and Poor’s 500 index rose by 0.4% during Asian session. In Hong Kong Special Administration region , Hang Seng rose by 0.28%. Export-dependent economies such as Japan, South Korea and China in particular, see great opportunities to take advantage of post-pandemic economic recovery. On Friday, US Nasdaq and S&P 500 indexes rose to high records because of good fourth-quarter companies’ reports. Stocks rose although employment only increased by 49,000 during last month, of about a half of what economists have expected. Weak employment data raised expectations for more stimulus. So, lawmakers were prompted to take actions regarding President Joe Biden’s $ 1.9 trillion stimulus plan. US Treasury Secretary Janet Yellen expects that United States will reach full employment during next year if Congress adopts President’s plan. Emergency approval of Johnson & Johnson’s Emergency approval of Johnson & Johnson’s Corona vaccine by US Food and Drug Administration, gave markets a further rising. Vaccines, economic aids and good corporate balance of companies are now considered the main price drivers for S&P 500 and Nasdaq indexes. On another side, On Friday, Dow Jones index rose by 0.3% to record 31,148 points. Friday was the fifth day in a row of profit for Dow Jones Industrial Average index. In Europe, DAX index jumped to its highest level to reach 14,132 points since the beginning of January during pre-trading hours. Broker IG expected that Leading German index rising by 0.7% to record 14,161 points. Leading German index had hit its highest record of 14.131 points on January 8th. US dollar is retreating Expectations for an economic recovery in United States did not support dollar as required. US currency retreated from its highest level in 4 months against Japanese Yen and was trading at a rate of 105.49 points. On Friday, Euro was slightly lower after rising by 0.7% to record its highest rate of 1.2054 points against US dollar. Australian dollar fell from its highest level in a week to record $ 0.7675.