Production of crude steel (steel ingot) in Iran has risen 13 percent from January-November, 2020, according to a report released by the World Steel Association (WSA).
Saudi Arabia’s surprise announcement that it would cut 1 million barrels per day (bpd) beyond its share of OPEC+ cuts in February and March has refiners in Asia scrambling to secure supplies from Europe.
Italian energy major, Eni, described 2020 as a “year of war”, regarding the energy crisis experienced in the face of a global pandemic. But it may be too soon to see the issues faced last year as a thing of the past.
EUR/USD briefly dropped below 1.2200 in recent trade but has since recovered back to trade in the 1.2220s. EUR/USD has broken below a short-term upwards trend channel that had been in play since December 2020.
Natural gas markets shot higher during the week but have ended up forming a shooting star. It sits just above the 200 week EMA, so that could attract attention.
Trillions of dollars were pumped into financial markets in 2020 and that won't come without consequences. Economists expect that investors will be Bracing For Inflation in 2021.
Oil steadied in Asia after surging to a 10-month high on Saudi Arabia’s pledge to cut an extra 1 million barrels a day of crude output in February and March as a rampant coronavirus leads to more lockdowns.
EUR/USD retreats to 1.2285 from a 33-month high of 1.2327. Risk sentiment weakens, pushing stocks lower and the anti-risk dollar higher.
The 6-month cycle in gold bottomed in November, and prices are confirming a breakout. Silver and platinum are leading the surge higher and are displaying explosive potential.
Bitcoin could be on the verge of a massive correction according to an indicator. However, Some people believe Bitcoin could still climb higher before a pullback.
As prices rose in line with broader financial markets, Brent crude futures reached $53.33 a barrel, the highest since March 2020. U.S. West Texas Intermediate (WTI) crude touched $49.83 a barrel, the highest since February 2020.