Oil at Crossroads, Problems of Apple, Christie’s and Cryptocurre

19 thg 2, 2021

This week the rise in oil prices looked the most uncontested in fundamental terms. The news abundance in favor of the oil price rise is meant. Record frosts in the USA hit several states so hard that the oil production level in the country fell by almost 40% (!). Yes, it’s temporary, but still, it matters. Accordingly, the US oil reserves have declined quite rapidly. The lowest number of cases since October continued to fuel hopes for a global economic recovery, as did excellent US retail sales data.

It’s even surprising that oil didn’t add as much as it did (less than 5% within almost a week). But the situation may change against oil quite soon. The US is expecting a warmer weekend. Also, the frosts have a downside: both oil production and oil refining have stopped. Accordingly, demand collapsed no less sharply. And then Saudi Arabia recalled that March will be the last month when the country will additionally reduce its production by 1 million BPD. In general, the next week may not be so successful for oil.

But if the problems of oil are still potential, then at Apple they are quite tangible. This refers to the departure of prices for Apple shares below the 50-day moving average against the information that the largest shareholders of the company, Vanguard, and Warren Buffett’s Berkshire Hathaway cut rates.

Everything is still rosy in the cryptocurrency market. Bitcoin gets used to the rate above 50K. And Christie’s, the British auction house, has recently confirmed that it accepts the cryptocurrency ether as a payment option at the upcoming digital art auction.