Oil Market Update
Benchmark U.S. crude oil for August delivery fell 41 cents to $82.21 per barrel Friday. Brent crude for September delivery fell 37 cents to $85.03 per barrel.
Gasoline and Other Energy Prices
Wholesale gasoline for August delivery was unchanged at $2.52 a gallon. August heating oil fell 1 cent to $2.51 a gallon. August natural gas rose 6 cents to $2.33 per 1,000 cubic feet.
Precious Metals Update
Gold for August delivery fell $1.20 to $2,420.70 per ounce. Silver for September delivery fell 51 cents to $31.16 per ounce, and September copper rose 8 cents $4.59 per pound.
Foreign Exchange Rates
The dollar fell to 157.93 yen from 158.73 Japanese yen. The euro rose to $1.0905 from $1.0868.
Additional Insight:
Oil prices have been facing pressure due to concerns over rising COVID-19 cases and their potential impact on global demand. The fluctuations in energy prices can also be influenced by geopolitical tensions and production decisions by major oil-producing countries.
