🛢Sharp gains on OIL ⏫

Surging OIL prices is another reflection of the vaccine euphoria that we observe on the markets these days. Hopes that effective vaccine will soon be distributed sparked huge optimism that benefited especially the “old economy” stocks but also OIL. Normalization means more traffic and that is sending OIL prices higher.

Having said that, government may need to apply even stricter restrictions to slow the pandemic in weeks to come and that means lower short-term OIL demand. In the longer run, the clear risk for prices is a return to Nuclear Deal with Iran – and bulls seems to ignore the fact that Anthony Blinken (enthusiast of the Deal) is about to become the State Secretary in Biden administration. With all of this in mind, a break of August highs (less than 2% from the current price) would be quite a challenge.

2 November 2026, 6:57 PM

Daily Summary: A Rollercoaster Ride in the Commodities Market🚨Oil Drops 7%; Gold Rallies Over 2%💥

2 November 2026, 4:57 PM

🚨Oil and gas in Europe in a panic sell-off

2 November 2026, 11:31 AM

Chart of the Day: Brent crude falls despite Trump's words about no desire to negotiate

2 November 2026, 6:40 AM

Economic Calendar - Global series of industrial PMI indicators and tech giants' results

Commodities

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