(18 December 2020)DAILY MARKET BRIEF 2:Oil, Gold End Bullish Week

n the commodity market, oil prices are retreating amid worries that the surging number of COVID cases will maintain the tough restrictions in many regions worldwide. While crude prices departed from their nine-month peaks, they’re set to end the week higher for the seventh straight week. WTI is down 0.25%, and Brent has lost 0.16%. So far, more than 73.5 million people worldwide have been tested positive for COVID, and 1,654,920 of them have died.

Gold is also retreating as stimulus talks continue in the US Congress. The precious metal has lost 0.20% to $1,886, but it is set to end the third consecutive week higher.

In FX, the US dollar is trying to recover, but this seems to be a temporary rebound before bears retake control. The USD Index is up 0.10% to 89.828. EUR/USD is down 0.09% to 1.2254.

The pound has declined against both majors as Brexit talks optimism faded after UK Prime Minister Boris Johnson said that a no-deal is more likely unless the EU doesn’t ease its stance on fisheries.