On Wednesday, WTI oil prices began their “rally”, because of a surprise decline last week in U.S. crude inventories. U.S. light oil rose 1.8 percent to $45.71, the highest since early March, and climbed almost 27 percent since early November in hopes of a rebound in demand in 2021 in anticipation of a Covid-19 vaccine likely to be available next month.
The Wall Street will close earlier today at 1 p.m. EST while it was closed for Thanksgiving Day on Thursday.
Pending the swearing in of Joe Biden on January 20, Democratic leaders are under pressure before that date to embrace a smaller package than they anticipated. Indeed, millions of Americans will see the assistance they got cease at the end of December in the absence of a quick support. According to CNBC, almost 14 million Americans will be stripped of unemployment compensation if no new policies are implemented, and they will also face an end to the moratorium on their rents, home loans or student loans.
Dialogues have remained deadlocked after weeks of discussions, with Democrats asking for a massive $2,200 billion package (equivalent to the CARES Act passed in March), while Senate Republicans are only willing to consider a minimum proposal of $500 billion.
On Wednesday, in the “Minutes” of its last meeting, the Federal Reserve said that without more budget support from Congress, the U.S. economy could suffer further in the coming months pending large-scale vaccination in the face of the coronavirus resurgence. The absence of economic support, the Fed said would cause significant suffering for many households.
In the United States, the health situation has worsened constantly in recent weeks which have taken toll in shape of more than 260,000 deaths so far. And despite the appeal from health officials not to fly for Thanksgiving Day, airfare bookings have soared in the United States for a turkey-based meal on the long weekend usually spent with family.