In the commodity market, oil prices are declining after a bump on Tuesday. The surging number of COVID cases is putting serious pressure on oil demand. Also, the American Petroleum Institute said that US crude and gasoline stocks rose more than expected last week. The fears of oversupply are dominant despite the fact that oil producers in the US Gulf Coast are dealing with yet another storm, with Hurricane Zeta already receding. WTI is now down 2.27% to $38.66, and Brent has dropped by 1.80% to 40.86%.
Gold had three bullish sessions, leveraging its safe-haven status on COVID fears, but is now retreating. The metal has declined by 0.25% to $1,907.
In FX, the US dollar is cautiously uptrending ahead of the election. The USD index is up 0.24% to 93.135. EUR/USD fell 0.19% to 1.1772 as French President Emmanuel Macron is pondering another national lockdown to curb the spread of the coronavirus.
The sterling has increased against both majors amid hopes that the UK and the EU can secure a last-minute deal after the extended talks.
