Despite the Pressure, This Commodity Remains Strong

 The price of eternal oil is trading steady on the back of positive signs in the US stimulus package, amid growing concerns over fuel demand that has been hit by the surge in the Covid-19 case.


Trade in front of Brent crude was trading up at $ 44.27 a barrel, while United States WTI was positive at $ 41.90 a barrel.


According to a recent report, Democratic Senator Chuck Schumer said Senate Majority Leader Mitch McConnell had agreed to restart the coronavirus stimulus relief talks.


This has helped somewhat lessen the market's anxiety about the surge in the Covid-19 case in the United States.


Hospital admissions in the US have surged nearly 50% in the span of two weeks, forcing countries to put in new barriers to stem the spread of the coronavirus.



However, Treasury Secretary Steven Mnuchin's recent decision to discontinue its anxiety loan assistance program to the Federal Reserve (Fed) has sparked concern for the US economy still struggling to recover.


The loan program has played a major role by protecting the country rather than experiencing slippage as a result of the Covid-19 pandemic.


Meanwhile, markets continue to expect OPEC + to suspend its planned easing of crude oil spending cuts at the end of this month.