Oil Prices Drop
Benchmark U.S. crude oil for July delivery fell $2.77 to $74.22 per barrel Monday. Brent crude for August delivery fell $2.75 to $78.36 per barrel.
Gasoline and Heating Oil Prices
Wholesale gasoline for July delivery fell 8 cents to $2.34 a gallon. July heating oil fell 8 cents to $2.30 a gallon. July natural gas rose 17 cents to $2.76 per 1,000 cubic feet.
Precious Metals on the Rise
Gold for August delivery rose $23.50 to $2,369.30 per ounce. Silver for July delivery rose 34 cents to $30.78 per ounce, and July copper rose 7 cents to $4.67 per pound.
Currency Exchange Rates
The dollar fell to 156.24 yen from 157.28 Japanese yen. The euro rose to $1.0897 from $1.0842.
Additional Insight: With oil prices dropping significantly, consumers may benefit from lower gasoline and heating oil prices in the short term. However, the rise in natural gas prices could potentially offset these savings. The increase in precious metals indicates a shift towards safe-haven assets among investors. Additionally, fluctuations in currency exchange rates can have implications for international trade and investment decisions.
