Oil prices extend recovery ahead of G7 decisions

Economies.com
2022-06-27 13:28PM UTC

Oil prices rose in European trade for a second session off six-week lows ahead of the G7 talks, which might lead to new sanctions on Russia. 

 

Prices are also boosted by the decline in dollar against major rivals, underpinning dollar-denominated commodities. 

 

Global Oil Prices

 

US crude rose 1.2% to $108.78 a barrel, while Brent surged 1.25% to $114.15 a barrel.

 

US crude rose 3.4% on Friday, the first profit in four days off six-week lows at $101.56, as Brent rose 2.5%, the first profit in three days off May 19 lows at $107.06. 

 

Oil prices lost an average of 1.5% last week, the third weekly decline in a row on concerns about lower demand in the US. 

 

G7

 

G7 countries are convening soon, and will probably impose new sanctions on Russia to punish it for its ongoing invasion of Ukraine. 

 

G7 leaders will also discuss reviving the Iranian nuclear deal, which will open the way for Iranian oil exports to the global market. 

 

OPEC Plus

 

OPEC Plus countries are expected to commit to a production hike in August when they convene on Thursday according to sources. 

 

The Dollar

 

The dollar index fell 0.3% on Monday for another session, marking a two-week low at 103.8 against a basket of major rivals. 

 

Dollar is declining as US treasury yields tumbled to two-week lows, hurting demand on the greenback. 

Commodities News

Gold News

Commodities

Gold hits fresh record highs, marking a 6% quarterly profit
2024-03-28 20:28PM UTC
Gold Prices Gold prices rose on Thursday to fresh record highs while the dollar eked out gains ...
Copper News

Commodities

Copper edges up while facing pressures from Chinese demand concerns
2024-03-28 16:45PM UTC
Copper prices rose modestly on Thursday while the dollar gained ground, with ongoing concerns about ...
Oil News

Commodities

Oil prices extend gains after strong US growth data
2024-03-28 13:03PM UTC
Global Oil Prices Global oil prices extended their gains in American trade on Thursday and hit ...

Commodities Technical Analysis

Natural gas Analysis

Commodities

Natural gas price still confined – Forecast today – 29-3-2024
2024-03-29 06:16AM UTC
Natural Gas Price Forecast for Today - 29-3-2024 No news for natural gas price until this ...
Platinum Analysis

Commodities

Platinum price renews the positive action – Forecast today – 29-3-2024
2024-03-29 06:10AM UTC
Platinum Price Forecast for Today - 29-3-2024 Platinum price confirmed keeping the bullish ...
Copper Analysis

Commodities

Copper price gets the positive momentum – Forecast today – 29-3-2024
2024-03-29 06:09AM UTC
Copper Price Forecast for Today - 29-3-2024 Copper price repeated the positive stability ...