An increase in vaccinations might be fueling the economy, and its rising activity requires more Crude Oil, prompting a rise in demand. Oil’s price topped $80 on Monday for the first time since 2014. Will this rally endure, or will rising Oil production weigh on the price?
Oil prices have been oscillating on the coronavirus, the FDA Pfizer vaccine approval, the dollar and an accident on a Mexican oil rig. How will Jackson Hole’s Fed policy meeting impact it, if at all?
Oil (CL) sank under $63 a barrel today, marking it the lowest drop since May. This fall came on the heels of the Fed signaling it would narrow asset purchases.
U.S. indices traded at record highs on Tuesday. The $1 trillion infrastructure bill passed by the Senate and a rebound in Oil prices may have been responsible for the rise.
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