Crude Oil Prices Set to Cap Strong Two-Week Streak

1 Mins read

Crude oil prices are poised to complete their strongest two-week streak of gains since April, fueled by production cuts and a weaker U.S. dollar.

Price Action

  • West Texas Intermediate crude for August delivery fell by 14 cents, or 0.2%, to $76.62 a barrel on the New York Mercantile Exchange.
  • September Brent crude dropped by 14 cents, or 0.2%, to $81.23 a barrel on ICE Futures Europe.
  • August gasoline declined marginally to $2.61 a gallon.
  • August heating oil slightly increased to $2.61 a gallon.
  • August natural gas rose 1.9% to $2.59 per million British thermal units.

Market Drivers

Crude oil futures are on track for a second consecutive month of increase, having recovered from the losses incurred in May.

The recent decline in U.S. inflation, which exceeded economists’ expectations, led to lower bond yields and a sharp depreciation of the dollar. Consequently, prices of various dollar-denominated commodities, including oil, experienced a boost.

According to Fawad Razaqzada, a market analyst at City Index and, the Federal Reserve’s success in curbing inflation has contributed to the rally in stocks, oil, bonds, and foreign currencies.

Furthermore, the falling dollar has bolstered the value of all dollar-denominated assets, such as crude oil, gold, silver, and copper.

While the ICE U.S. Dollar Index rose 0.1% to 99.89 early on Friday, it reached its lowest point in over a year the previous day.

Related posts

Vice Media Layoffs and Changes

1 Mins read
NEW YORK — In a memo to staff on Thursday, Vice Media’s CEO revealed plans to lay off several hundred employees and…

Intuitive Machines' Moon Landing

2 Mins read
Historic Achievement by Intuitive Machines Inc. Intuitive Machines Inc. made history on Thursday as their Odysseus spacecraft became the first commercial lander…

Bouygues Telecom to Acquire La Poste Telecom

1 Mins read
By Andrea Figueras Bouygues Telecom, a part of the Bouygues group, has announced the signing of an exclusivity agreement with La Poste…

Leave a Reply

Your email address will not be published. Required fields are marked *

55 + = 65