World markets are approaching highs in the final stretch of the year

December 17, 2020 15:30

world markets are approaching highs

The main European indices are maintaining their rises for the fourth consecutive day after the closing in Wall Street highs, driven by the promise of the Fed that it will maintain the measures to support the economy and the expectation that the US Congress will approve a long-awaited fiscal stimulus package.

The week aims to be decisive for the performance of the markets once the great unknowns of 2020 come to a close, with the exception of Brexit, and the wait for the last quadruple witch hour of the year, which takes place tomorrow, Friday.

The oil market has also been boosted with optimism: West Texas Intermediate (WTI), this morning, was exchanged above 48 dollars a barrel while Brent already exceeds the psychological barrier of 50 dollars a barrel. However, the International Energy Agency has warned that demand will not fully recover in 2021 mainly due to the aviation crisis, so it’s not clear what trend will continue in the long term.

 Brent oil market chart

Source: Admiral Markets MetaTrader 5. Brent Futures CFD Daily Chart (February). Data range from January 7, 2020, to December 17, 2020. Prepared on December 17, 2020, at 12:30 p.m. Keep in mind that past returns do not guarantee future returns.

So far, in 2020, the price of Brent has fallen by 22%, the same percentage in gains it registered in 2019. In the past five years, it only closed 2018 and in 2015 with losses.

 

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