Oil Prices Rise
Benchmark U.S. crude oil for June delivery increased by 72 cents to $79.95 per barrel on Friday, while Brent crude for July delivery rose 71 cents to $83.98 per barrel.
Wholesale gasoline for June delivery also saw an increase of 3 cents, reaching $2.57 a gallon. Heating oil for June delivery rose by 4 cents to $2.49 a gallon, and natural gas for June delivery rose 11.3 cents to $2.61 per 1,000 cubic feet.
Precious Metals and Currency Update
Gold prices surged with June delivery rising by $31.90 to $2,417.40 per ounce. Silver for July delivery also saw an increase of $1.38 to $31.26 per ounce, while July copper rose by 17 cents to $5.05 per pound.
In terms of currency exchange rates, the dollar strengthened to 155.69 yen from 155.34 Japanese yen, and the euro rose to $1.0875 from $1.0871.
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Insight:
The rise in oil prices can be attributed to the increasing demand as economic activities pick up, indicating a possible recovery from the pandemic-induced slowdown. The surge in precious metals such as gold and silver could be due to investors seeking safe-haven assets amidst market volatility. Additionally, the strengthening of the dollar against other currencies may be influenced by the overall positive market sentiment and economic outlook.
