Oil Prices Continue to Rise
Benchmark U.S. crude oil for July delivery increased by $2.21 to reach $77.74 per barrel on Monday. Similarly, Brent crude for August delivery saw a $2.01 increase, reaching $81.63 per barrel.
Gasoline and Heating Oil Prices
Wholesale gasoline prices for July delivery also went up by 3 cents, reaching $2.41 per gallon. Additionally, July heating oil prices rose by 6 cents to $2.41 per gallon. However, July natural gas experienced a decrease of 1 cent, settling at $2.91 per 1,000 cubic feet.
Precious Metals on the Rise
Gold prices for August delivery increased by $2, reaching $2,327 per ounce. Silver for July delivery also saw a rise of 43 cents to reach $29.87 per ounce, while July copper went up by 6 cents to $4.54 per pound.
Foreign Exchange Rates
In terms of foreign exchange rates, the dollar strengthened against the yen, rising to 157.10 yen from 156.65 Japanese yen. On the other hand, the euro weakened, falling to $1.0762 from $1.0804.
Additional Insight: The rise in oil prices can be attributed to increasing demand as economies continue to recover from the impact of the COVID-19 pandemic. Additionally, geopolitical factors, such as tensions in the Middle East, can also contribute to the volatility in oil prices. Investors often turn to precious metals like gold and silver as safe-haven assets during periods of uncertainty, which could explain the upward trend in their prices. The fluctuation in foreign exchange rates can be influenced by various factors, including economic data releases, central bank policies, and global market sentiment.
