Oil Prices Experience Big Gains: Surges 2%

Oil prices experience a big surge on Wednesday as it spiked 2% becoming the top performer in the commodity markets. Fueling this impressive rise, OIL prices climbed about 2 per cent on Wednesday (Jul 17) on a bigger-than-expected weekly drop in US crude stockpiles and as a weaker US dollar overshadowed signs.

What's Driving the Oil Price Surge?

Oil prices delivered top gains in the commodity markets on Wednesday as it surged 2% in the day’s trading. This recent surge is attributed to several key factors including heightened geopolitical tensions in the Middle East, impacting global supply chains. Specifically, supply concerns from countries like Venezuela and Libya are exacerbating the situation. Oil prices have risen by 2% due to these concerns.

Biggest Weekly Gains in Over a Year

Oil prices rose on Friday and settled with their biggest weekly gains in over a year on the mounting threat of a region-wide war in the Middle East, although gains were somewhat tempered by economic uncertainty. Crude oil futures posted strong gains on Friday, extending their rally to a third consecutive week. Prices found fresh momentum after crossing the 200-day moving average, indicating a potential shift in market sentiment.

Stay updated with the latest oil price trends and analysis as we continue to monitor the factors influencing this dynamic market.