Oil prices rise after Saudi Arabia pledges voluntary output cut; Nasdaq futures fall as investors prepare for a potential double Democrat victory in Senate elections in Georgia
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Markets are eagerly awaiting results from the Senate run-off elections in Georgia, with a double Democrat victory looking increasingly likely, which would hand them control of the upper house. Democrats already control the lower house, the House of Representatives.
Despite this bullish supply agreement, we believe Saudi’s decision likely reflects signs of weakening demand as lockdowns return.