{"id":17332,"date":"2021-01-14T07:18:33","date_gmt":"2021-01-14T06:18:33","guid":{"rendered":"https:\/\/bernstein-bank.com\/?p=17332\/"},"modified":"2021-01-14T07:18:33","modified_gmt":"2021-01-14T06:18:33","slug":"can-oil-resist-covid-19","status":"publish","type":"post","link":"https:\/\/bernstein-bank.com\/en\/can-oil-resist-covid-19\/","title":{"rendered":"Can oil resist COVID-19?"},"content":{"rendered":"<table cellspacing=\"0\" cellpadding=\"4\">\n<tbody>\n<tr>\n<th>\n<h4 style=\"text-align: center;\"><span style=\"color: #e2b365;\">Gold<\/span>\u00a0 1842,68<br \/>\n(<span style=\"color: #ff0000;\">-0,11%<\/span>)<\/h4>\n<\/th>\n<th>\n<h4 style=\"text-align: center;\"><span style=\"color: #e2b365;\">EURUSD<\/span>\u00a0 \u00a01,2152<br \/>\n(<span style=\"color: #ff0000;\">-0,04%<\/span>)<\/h4>\n<\/th>\n<th>\n<h4 style=\"text-align: center;\"><span style=\"color: #e2b365;\">DJIA<\/span>\u00a0 31048,50<br \/>\n(<span style=\"color: #008000;\">+0,27%<\/span>)<\/h4>\n<\/th>\n<th>\n<h4 style=\"text-align: center;\"><span style=\"color: #e2b365;\">OIL.WTI<\/span>\u00a0 52,835<br \/>\n(<span style=\"color: #008000;\">+0,01%<\/span>)<\/h4>\n<\/th>\n<th>\n<h4 style=\"text-align: center;\"><span style=\"color: #e2b365;\">DAX<\/span>\u00a0 \u00a013939,50<br \/>\n(<span style=\"color: #008000;\">+0,01%<\/span>)<\/h4>\n<\/th>\n<\/tr>\n<\/tbody>\n<\/table>\n<p align=\"justify\">While stock markets are in waiting mode for Biden&#8217;s statements on the economic support package, it is worth taking a look at the commodities market. The oil market has been rising for quite some time. Will a rise in coronavirus disease give the bears a chance?<\/p>\n<p style=\"text-align: center;\"><strong><br \/>\nOIL.WTI<\/strong><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-17333 aligncenter\" src=\"https:\/\/bernstein-bank.azureedge.net\/wp-content\/uploads\/2021\/01\/Oil.WTI_-1.png\" alt=\"Oil.WTI\" width=\"600\" height=\"219\" \/><\/p>\n<p align=\"justify\">For several months, oil continued to renew its highs. All was going well enough until a new, more contagious strain of COVID-19 emerged. Everyone remembers well how after the first wave of infection and the closure of countries to quarantine around the world, oil prices dropped precipitously. Now the situation remains questionable in China, where a rise in the disease has been recorded in Hebei province. China is a major energy importer and if it has a problem, it will automatically affect the price of energy.<br \/>\nIn 2021 the price of WTI oil rose by more than 10%. Quite an impressive growth in the current difficult economic and epidemic situation. One of the growth drivers was Saudi Arabia&#8217;s announcement to reduce oil production by more than 1 million bpd.<br \/>\nFuel consumption data from America is also worth a closer look. Gasoline demand has fallen to some of its lowest levels since the COVID-19 pandemic and distillate stocks continue to rise.<br \/>\nFinally, the US dollar, in which contracts are traded, has a direct role in the price of a barrel of oil. When the US dollar weakens, the price of oil rises, as it allows the contract to be concluded at a better price for the buyer. Over the last few months, the dollar has weakened significantly against other world currencies and this trend is likely to continue. Joe Biden&#8217;s economic stimulus plans will be known by the end of this week and they will have a direct influence on the USD&#8217;s exchange rate against other currencies.<br \/>\nThe bottom line is that at this stage, the price of WTI oil is at a level where it will balance, considering all the factors mentioned above. There are no clear advantages for both bulls and bears. Still, a lot will depend on oil demand in China. In the first wave of the pandemic it almost single-handedly pulled the oil price out of a prolonged dive.<br \/>\nIn the short term, it is more likely that the price initiative will be on the buyers&#8217; side. The price might try to come down to the $55\/barrel level. We wait for Biden&#8217;s programme and only after that do we draw conclusions.<\/p>\n<p style=\"text-align: center;\"><strong><br \/>\nWhat are we waiting for today?<\/strong><\/p>\n<p align=\"justify\">8.00 German GDP for the quarter<br \/>\n13.30 ECB Monetary Policy Statement<br \/>\n14.30 U.S. initial jobless claims<br \/>\n18.30 Address by Mr Powell, Head of US Federal Reserve System<\/p>\n<hr \/>\n<p style=\"text-align: center;\" align=\"justify\">Important Notes on This Publication:<small> <\/small><\/p>\n<p align=\"justify\"><small>The content of this publication is for general information purposes only. In this context, it is neither an individual investment recommendation or advice nor an offer to purchase or sell securities or other financial products. The content in question and all the information contained therein do not in any way replace individual investor- or investment-oriented advice. No reliable forecast or indication for the future is possible with respect to any presentation or information on the present or past performance of the relevant underlying assets. All information and data presented in this publication are based on reliable sources. However, Bernstein Bank does not guarantee that the information and data contained in this publication is up-to-date, correct and complete. Securities traded on the financial markets are subject to price fluctuations. A contract for difference (CFD) is also a financial instrument with leverage effect. Against this backdrop, CFD trading involves a high risk up to the point of total loss and may not be suitable for all investors. Therefore, make sure that you have fully understood all the correlating risks. If necessary, ask for independent advice.<\/small><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gold\u00a0 1842,68 (-0,11%) EURUSD\u00a0 \u00a01,2152 (-0,04%) DJIA\u00a0 31048,50 (+0,27%) OIL.WTI\u00a0 52,835 (+0,01%) DAX\u00a0 \u00a013939,50 (+0,01%) While stock markets are in waiting mode for Biden&#8217;s statements on the economic support package,&#8230;<\/p>\n","protected":false},"author":37,"featured_media":13158,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[6],"tags":[],"class_list":["post-17332","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Can oil resist COVID-19? | Bernstein Bank<\/title>\n<meta name=\"description\" content=\"While stock markets are in waiting mode for Biden&#039;s statements on the economic support package, it is worth taking a look at the commodities market.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/bernstein-bank.com\/en\/can-oil-resist-covid-19\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Can oil resist COVID-19? 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