New York Stock Exchange: Crude prices rise in wake of Biden inauguration ceremony

Joe Biden was due to sign an executive order on Wednesday afternoon blocking the controversial Keystone XL pipeline project between Canada and the United States.

Wednesday, January 20, 2021 ((rezonodwes.com)) – Oil prices continued to have the wind in their sails, modestly, on Wednesday as Joe Biden was sworn in as the 46th President of the United States and the horizon cleared for demand, reported the site specializing in black gold, Prix du Baril.

A barrel of North Sea Brent for March delivery was up 0.32% or 18 cents from Tuesday’s close at $ 56.08.

The US barrel of WTI for the month of February, which is the last day of trading, rose 0.49% or 26 cents to 53.24 dollars.

The prices of the two benchmark contracts had earlier approached in London their latest records since the end of February 2020 affected last Wednesday (respectively $ 57.42 and $ 53.93 per barrel). They moderated their increase in session in New York.

« Oil confirms its momentum with WTI rebounding above $ 53. Market sentiment remains positive, investors are betting on recovery in demand once vaccines defeat the virus, ending lockdowns in recent months“, Explained Carlo Alberto De Casa, Activtrades analyst.

Crude prices also rose in the wake of Joe Biden’s inauguration ceremony. With the arrival of the Democratic President, comes the promise of massive budgetary aid, viewed favorably by the markets.

The day before, Janet Yellen, future secretary of the US Treasury, called for ” think big In budgetary support to the economy, which had been welcomed by investors.

« It’s a new day for America and for the crude market, the outlook under his administration is very optimistic“, Assured Phil Flynn of Price Futures Group.