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Crude Oil Surges as Economic Recovery Aids Outlook, Copper Faces Technical Hurdle

Crude Oil Surges as Economic Recovery Aids Outlook, Copper Faces Technical Hurdle 2021-02-04 04:30:00 Thomas Westwater, Analyst Crude Oil, Economic Recovery, Copper, Technical Forecasts – Talking Points Crude Oil pushes into fresh yearly highs after OPEC+ holds production cuts EIA inventory figures point to bullish recovery as US economy recovers Copper prices in danger as Descending Triangle pattern sends bearish signal Oil prices are surging this week on declining inventory levels, OPEC+ developments, and an improving global economic outlook. U.S. benchmark West Texas Intermediate (WTI) prices rose above the 56 handle for the first time since last January. Increased stimulus bets have also bolstered prices as Democrats on Capitol Hill continued progress towards passing a massive $1.9 trillion fiscal relief package. Along with oil prices, markets are reflecting optimism in fiscal stimulus bets through the

Eurozone economy shrinks, raising fears of double-dip recession

© Getty Images The European economy shrank another 0.7 percent in the final quarter of 2020, causing concern that the region may experience a double-dip recession before seeing any improvement amid the coronavirus pandemic. As The New York Times reports, the eurozone economy, accounting for 19 countries, shrank by 5.1 percent in 2020 overall and is likely to see continued contraction in the first three months of this year. ADVERTISEMENT These declines, related to COVID-19 containment measures, follow a strong rebound in the third quarter of 2020 (+12.4% in the euro area and +11.5% in the EU) and the sharpest decreases since time series started in 1995 observed in the second quarter of 2020, the report reads.

Europe s Slow Pace of Vaccinations Opens Door to Recession

Slow Pace of Vaccinations Pushes Europe Toward Second Economic Slump A double-dip recession in the European Union appears likely after the trade bloc reported a decline in economic output in the last quarter of 2020. Health workers prepared to receive a coronavirus vaccine in Wales in early December. The rollout of vaccines has been faster in Britain than in the European Union.Credit.Andrew Testa for The New York Times Feb. 2, 2021 The new year was supposed to bring improved economic fortunes across Europe, as coronavirus vaccines made their way into the bloodstream. Instead, the eurozone economy shrank at the end of 2020, according to official figures out Tuesday, raising fears of a double-dip recession and demonstrating that the pandemic is likely to remain a force for at least a few more months in the face of the European Union’s pronounced failure to distribute vaccines.

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