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Oil prices surge 2% to reach one-week high amid optimism for increased summer fuel demand; brent crude at $80.98/bbl
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Gold prices dip on strong US dollar as China pauses buying yellow metalAccording to a report by Goldman Sachs, as quoted by Reuters, Brent is projected to increase to $86 per barrel in the third quarter. They attribute this rise to robust summer transport demand, which is anticipated to drive the oil market into a deficit of 1.3 million barrels per day (bpd) during that period."Oil price dynamics are also giving oil producers little encouragement.
Over the past ten weeks, the price has fallen more than 12%, reaching 17% early last week. The price of a barrel of WTI is testing the 200-week moving average - clearly separating bull and bear markets for the past five years.
Read more on livemint.comAbout this in other media
Oil hits seven-week high on demand hopes, war jitters economictimes.indiatimes.com /6 days ago
Japan's exports surge 13.5% in May, helped by cheap yen and strong demand in US, Asian markets abcnews.go.com /6 days ago
Indian stock market: 7 key things that changed for market overnight - Gift Nifty, Nasdaq’s record close to oil prices livemint.com /1 week ago
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