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The price of oil price rises, while the stock market follows suite

After a staggering day of declines in the market, the price of oil suddenly jumped back to almost half of its price that was lost late Tuesday. The oil market is doing its best to rise back up even though it is facing a lot of problems due to the oversupply and shortage of warehouse for storage.

  • The U.S. based crude company, West Texas Intermediate rose up to 19.10% at $13.78 per barrel, a day after experiencing a negative dollar price for the first time in its history.
  • Brent crude on the other hand remained at $20 per barrel since last month. It gained 5.38% to $20.37 per barrel.

After two consecutive days of loss on stocks in the U.S., the market closed a bit higher today. The increase came from the positivity caused by the Senate’s additional stimulus measures and the unexpected rebound of oil prices.

  • The Dow Jones Industrial Average rose up by 2% to 457 points.
  • The S&P 500 closed its price 2.3% higher at 2,798.70.
  • The Nasdaq Composite finished the rally by 2.8% higher.

Gold gained another increase today closing its price by 1.8% higher to $1,718.30 per ounce. Currencies worldwide made a few gains today. Japanese yen strengthened 0.1% to 107.70 per dollar, British pound increased 0.3% to $1.2319 but Euro fell 0.4% to $1.0817. The U.S. Dollar Index (DXY) rose by 0.13% to $100.35. Yields on Bonds/Treasuries however decreased. The yield on two-year Treasuries gained one basis point to 0.21%, while the yield on 10-year Treasuries rose five basis points to 0.61%, the biggest advance in a week.. Even yields on the global market have dropped too.

  • Germany’s 10-year yield gained seven basis points to -0.41%, the biggest climb in almost two weeks.
  • Britain’s 10-year yield raised three basis points to 0.327%.

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