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The oil rate won back losses and again exceeded the $ 56.4 mark

After initial attempts to decrease, in the second half of the day, Brent regained losses and went into positive territory, completing trading at $ 56.40 per barrel. However, in the morning session on Friday, quotes resumed their decline, already losing points gained yesterday amid uncertainty among investors about risky assets. President-elect Biden, as expected, presented a package of fiscal stimulus to combat the coronavirus crisis. The size of the program was $ 1.9 trillion. With the latest rumors suggesting a $ 2 trillion package, Biden’s figure came as no surprise, and most of the investors took it for granted. Meanwhile, players remember to exercise caution amid the ongoing epidemic. In this context, this week, special attention was drawn to China, where a new outbreak of the epidemic was recorded, which fueled fears of players about the economic recovery and, accordingly, the demand for energy. From a technical point of view, the fact that prices refuse to show a more tangible correction and are kept close almost one-year highs, indicates the readiness of traders for a new wave of purchases if the right moment appears. On the other hand, the longer Brent stalls around $ 55-56, the more likely it is that a pullback will accelerate in a bullish trend .____________________ Arseniy Dadashev, Director, Academy of Financial and Investment Management

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