EU Stimulus Lifts Markets
Yesterday, WTI crude closed the day marginally higher. Prices are up in early trading this morning on news from the European Union of a 750 billion euro ($859 billion) fund to assist EU economies hurt by the coronavirus. The unprecedented deal allows the European Commission to raise billions of euros on capital markets on behalf of all 27 member states. This stimulus action in Europe is affecting the wider international markets in equities and crude.
Also lifting markets this morning is promising news of vaccine trials to combat the surging rates of infection in the US and elsewhere. Amongst investors and traders, hopes for a vaccine seem to outweigh the rising number of infections even as states in the US are rolling back reopening and the recurrence of lockdowns are taking effect.
In early trading today, crude prices are up. Crude is currently trading at $41.92, a gain of $1.11.
Fuel prices are up this morning. Diesel is trading at $1.2702, a gain of 3.5 cents. Gasoline is trading at $1.2656, a gain of 3.7 cents.
This article is part of Daily Market News & Insights
Tagged: coronavirus, EU, Europe, Stimulus, vaccine
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