February 9, 2021
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Oil prices soar $ 1.12 in response to economic stimulus measures and OPEC Plus cut production
West Texas Crude Oil Futures Monday’s close (Feb. 8) rose $ 1.12 amid hopes of progress in the U.S. economic stimulus package. Including production cuts of the Petroleum Exporting Countries (OPEC) and allies. Or OPEC Plus
West Texas Crude Contract Delivered in March. It traded $ 1.12 up $ 1.12 to close at $ 57.97 / barrel. Brent crude oil contract Delivered in April. It rose $ 1.22 to close at $ 60.56 / barrel.
Democrats succeeded in pushing Congress to approve President Joe’s approach to the $ 1.9 trillion stimulus package. Biden fast track using a budgeting approach known as budget reconciliation. This will pave the way for the House of Representatives and the Senate to be able to certify the budget with more than half a vote. Instead of using two thirds of the votes for passing the general law
Last Friday The US House of Representatives has approved budget reconciliation budgeting guidelines. It was voted 219-209 while the Senate endorsed it with 51-50 votes by US Vice President Kamala Harris. One casting vote as President of the Senate by office. After Democrats and Republicans equalized 50-50 votes.
The House of Representatives and the US Senate approved such budgeting guidelines. It will help pave the way for President Biden’s $ 1.9 trillion stimulus package to pass Congress without the need for Republican support.
Ms. Nancy Pelosi, President of the US House of Representatives Said after Congress approved budget reconciliation guidelines On Friday that The US Congress is expected to be able to pass a resolution approving economic stimulus measures to cure US citizens and businesses affected by the COVID-19 epidemic before March 15, the day the aid measures are taken. The unemployed affected by COVID-19 will expire.
Investors forecast that the US will speed up the stimulus package. After the disclosure of lower-than-expected numbers of non-agricultural employment
Saudi Arabia has cut production capacity of 1 million bpd to 8.125 million bpd. Starting from Feb. 1 until the end of March While the report said OPEC Plus continued to cut production in line with the deal.
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