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New highs for oil prices - Thursday Review, February 25

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Miguel A. Rodriguez
Miguel A. Rodriguez
26 February 2021
Fears about rising inflation overshadowed the optimism regarding an economic recovery

The US

Despite Jerome Powell's reassurance on keeping the interest rates unchanged for now, investors remained cautious. USA30 fell 1.76%. USA500 was down 2.43%, and TECH100 closed 3.52% lower, reaching the lowest point in almost four months.

Crude oil closed at $63.72 per barrel after it went up 0.8%.

Gold fell 0.5% to $1,788.90 per ounce.

 

Asia and Australia

Stocks closed higher, boosted by the US Fed Chairman Jerome Powell's reassurance that interest rates would remain unchanged. Moreover, in Hong Kong, the Financial Secretary handed down the city's budget; read more about it here.

HongKong45 rose 2.11%.

Japan225 gained 1.66%.

Down under, Australia200 was up 1%.

 

Europe

The earning reports for the European companies were in full bloom, leading the markets to close higher. Germany30 added 0.1%. UK100 and France40 went up 0.3% and 0.4%, respectively.

Brent oil reached the highest level since January 2020, trading at $66.74 per barrel after it rose 0.9%.

EUR/USD traded 0.3% higher at 1.2205.

Sources: reuters.com, investing.com

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Miguel A. Rodriguez
Miguel A. Rodriguez
Financial Writer

Miguel worked for major financial institutions such as Banco Santander, and Banco Central-Hispano. He is a published author of currency trading books.