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Redwood Capital Management Limited: Oil price bounce back after a day of negative dollar
After a staggering days of decline in the market, oil price suddenly jump back to almost half of its price lost late Tuesday.
- The U.S. base crude company, West Texas Intermediate (WTI) rose up to 19.10% to $13.78 per barrel, a day after experiencing to the first time in its history a negative dollar price.
- Brent crude on the other hand remained in $20 per barrel price since last month. It gained 5.38% to $20.37 per barrel.
After two days of loss of stocks in the U.S., the market closed a bit higher today. The increase came from the positivity cause by the Senate's additional stimulus measures and the unexpected rebound of the oil prices.
- The Dow Jones Industrial Average rose up to 2% to 457 points.
- The S&P 500 closed its price 2.3% higher to 2,798.70.
- The Nasdaq Composite finished the rally by 2.8% higher.
Gold gained another increase today closing its price by 1.8% higher to $1,718.30 per ounce.
Currencies worldwide made a few gains today. Japanese yen strengthened 0.1% to 107.70 per dollar, British pound increased 0.3% to $1.2319 but Euro fell 0.4% to $1.0817. The U.S. Dollar Index (DXY) rose by 0.13% to $100.35.
Yields on Bonds/Treasuries however decreased. The yield on two-year Treasuries gained one basis point to 0.21%, while the yield on 10-year Treasuries rose five basis points to 0.61%, the biggest advance in a week.. Even yields on the global market have dropped too.
- Germany's 10-year yield gained seven basis points to -0.41%, the biggest climb in almost two weeks.
- Britain's 10-year yield raised three basis points to 0.327%.
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