A third round of stimulus checks could be just weeks away from approval. The original forecasted date is March 14th, however on Friday House Speaker, Nancy Pelosi said she aims to pass President Joe Biden’s $1.9 trillion stimulus package in two weeks. While there are still delays that may arise, if a bill were to pass before the end of February, payments could start to arrive as early as March 8th for direct deposit checks. Biden said Friday, “I’m going to act, and I’m going to act fast.”
Yesterday, Congressional leaders and Lawmakers reached a nearly $900 billion COVID-19 stimulus deal, including another round of stimulus checks and jobless benefits. After months and months of standoff, Washington has come to agreement just before Christmas where almost 12 million people are set to lose unemployment benefits. The new deal includes $300 to the federal unemployment insurance benefit, extending eviction moratoriums for renters for an unspecified amount of time and $600 direct payment to most Americans.
The oil complex is trading much higher this morning due to a flurry of bullish headlines: increased chances of a federal stimulus package, weaker dollar, oil strikes in Norway, and the development of Tropical Storm Delta.
Ever since WTI crude oil prices broke out above the $32/barrel level in May, we have been on a steady grind higher. The question is, will this continue?