Redwood Capital Management Limited: Oil price bounce back after a day of negative dollar

HONG KONG - May 14, 2020 - PRLog -- After a staggering days of decline in the market, oil price suddenly jump back to almost half of its price lost late Tuesday. The oil market is doing its best to cope up even though it is facing a lot of problems due to oversupply and shortage of warehouse for storage.

-        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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