Oval office available ! Green light to Joe Biden

Tuesday’s session began with positives outlooks in world´s makets. The efficiency of the vaccines continues to provide confidence in future markets. The General Services Administration (GSA), under a letter issued by Emily Murphy, (the administrator), addressed J. Biden that he will have access to federal resources and information rounds. Consequently, the transition to his administration has green light.  Donald Trump gave his approval to the officials to begin the transition of the incoming administration of Joe Biden.

Carolina Giudici Content Manager

Let us remember that on Monday, many former National Security officials belonging to the Republican Party, demanded that the party and the representatives in Congress take action on the matter regarding Trump’s refusal to assimilate the results of the election. The reason for this, according to some statements, is that such a transition could be detrimental to national security.

These events led to buy pressure on Brent and WTI crude oil. Brent futures rose to $ 47.20 per barrel, accumulating almost 20% in the last month. For WTI crude oil futures, the value reached is $ 44.20 per barrel.

Expectations are based on economic growth and the end of the pandemic, which would supposed, a higher demand in the future.  In this way, the oil futures Brent return to the highs prices prior to the declaration by the WHO of the pandemic, on March 11. The same goes for WTI futures, which are on their way to recovering their highs this year.

Market projection of WTI OIL

>44.50 is on buy transition to 50.0 dollars the barrel

>50.0 is formally into buy area with target as 60.0 and 60.0

>44.0 we wait profit taking level down to 43.0