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Oil Prices Down On Friday, But Were Up Over The Week

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Prices slowed on Friday in the oil market, but the weekly balance sheet was positive: WTI rose another 0.67 percent in 5 sessions and Brent advanced 1.46 percent, also reaching the $50 threshold at the close on Thursday, for the first time since last March. Since the beginning of November, oil prices have recovered by about 30 percent in the expectation of a demand rebound and an increase on the health front in 2021 thanks to the Covid-19 vaccines.

For the January Nymex contract, U.S. light crude oil (WTI) gave up -0.45 percent to $46.57 a barrel on Friday, while the Brent contract for February delivery fell -0.56 percent to $49.97 a barrel.

After a rise of about 3% in the previous week, Gold rose just 0.2% last week. The yellow metal trading in the range of $1829.10 and $1846.0 on the day, settled at $1839.80 per ounce concluding the Friday trading adding 0.34%.

Before the end of the legislature which will theoretically to occur next Friday, December 18, it seems extremely impossible to get a bill approved, although several services to assist Americans deal with the coronavirus pandemic will end on December 31, depriving 12 million U.S. citizens of unemployment cover. The failure to approve a new package to be introduced to the new Congress in January is at least a month old, but legislation is not expected to be enacted until the inauguration of President-elect Joe Biden on January 20.

In the light of the Brexit situation, investors are also becoming more cautious this weekend, with talks once again deadlocked. On Thursday, British Prime Minister Boris Johnson raised the “strong possibility” of a split without an agreement with the European Union. The President of the European Commission, Ursula von der Leyen, also thought that a ‘no-deal’ was now more possible. However, negotiations are still going on until Sunday.

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