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The global risk aversion drove the prices for WTI and Brent down.
The price for WTI has fallen below the weekly pivot at $56.23. The next key level lies at $53.47. If bulls take over the market, the price for WTI will rise above the $56.23 level to the next resistance at $60.08.
As for the price for Brent, it jumped below the $66.33 level. The first support for bears is placed at 63.47. On the flipside, if buyers are strong enough to break the $66.33 level, the next resistance will be placed at $69.86.
Joe Biden is going to unveil a Covid-19 relief package of about $2 trillion. After this announcement, the 10-year Treasury yield rose, adding support for the USD.
The US dollar’s weakness offered a boost to emerging-market currencies and oil.
The market sentiment deteriorated as the new Covid-19 variant engulfed the UK. As a result, riskier assets such as S&P 500, oil, the AUD, the NZD dropped.
The market optimism waned amid stricter restrictions to control rising coronavirus infections. S&P 500 and Nasdaq dropped from the all-time highs, while the USD jumped higher.
S&P 500 skyrocketed to the all-time high on optimism that Biden’s fiscal stimulus will support economic growth and boost corporate earnings.
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