Investors are waiting for the outcomes of Fed Reserve’s Jackson Hole Economic Symposium. However, their decision and comments will impact the volatility of market as a whole. Thus, turns out a game changer for all the commodities. Therefore, coming week would be a decider of the trend.
Moving further, there is a rise of 0.36 percent in oil prices today which is the biggest gain in the week so far. Despite of worries of hurricane which may adversely impact the supplies of energy production led by shutting of companies.
Furthermore, prices of crude oil futures mounted up by 0.2 percent and reached at $67058 per barrel at 02:11 pm. Moreover, on Thursday, there was a dip of 1.4 percent in the prices which got buckled up on Friday.
For now, Crude oil is heading towards their weekly rise which is nearly more than 8 percent. Hence, a strongest percent of gain so far since early February.
If we converse about Brent Crude futures, then the prices managed to made a high of 0.2 percent thereby making a low of 1.6 percent on Thursday.
Finally, Brent crude oil is on its track now. Moreover, gaining strength and now moved on a path to increase more than 9 percent in this current week. Consequently, seems out a largest weekly jump so far since June 2020.
Though there are more immediate concerns which may shake the market abruptly. But there are several other prospects which may observe the trend of the market. An anticipation of powerful hurricane in the Gulf of Mexico and Texas could be a major factor in the change of prices.
For now, we are in a confused state to judge anything. Moreover, we are waiting for the results of Jackson Hole Meeting which can be treated as a commodities influencer of the market in the present scenario.