Other news

On Thursday, a new bill to prohibit exporting oil from the U.S. Strategic Petroleum Reserve to China was passed by the U.S. House of Representatives.

Against the background of U.S. lower inflation, expectations of a less aggressive interest rate hike by the Fed began to rise. Also, there have been signs of sustainable growth in China’s demand for oil. Altogether, these factors had an impact on prices, which gained 4% over the past week.

As shown in a survey of consultants conducted by Bloomberg, an increase in Chinese oil demand to the level of 800,000 barrels per day is expected to happen over this year. Thus, oil consumption is also suggested to rise and reach a record level of 16 million barrels per day.

On Friday, the growth of gold prices was observed. It will last four weeks in a row as the data on consumer inflation in the US showed a weakening of price pressure.

Recently, China has increased imports of gold. Thus, the government hoped to diversify the assets of the People's Bank of China (PBOC), as well as to reduce dependence on the U.S. dollar.

According to a recent statement made by a Chinese epidemiologist, the peak incidence of COVID-19 cases is projected to last for two or three months. It’s also expected that the wave of the infection will subsequently spread over the country’s large countryside areas.

The oil rigs from Baker Hughes and speculative positions on oil and gas, gold and silver are on the agenda.

The Energy Information Administration (EIA) recorded an increase in crude oil stocks. It was driven by a slow recovery of refinery production after a forced shutdown due to freezing temperatures in the U.S.

A sharp increase in the number of flights before the Lunar New Year is another evidence of the increasing need for fuel.

The gold market remains optimistic. Several analysts expect the precious metal to exceed the level of $1,900 per ounce later this week amid a decline in inflation.