Oil jumps to the highest level in two months
WTI Oil jumped more than 10% on Monday to reach the highest level in two months, one day ahead of the contract’s expiration, as production cuts and the easing of stay-at-home restrictions supported prices. WTI jumped above $32 per barrel. Monday’s jump is in sharp contrast to just one month ago when on the day before the contract for May delivery expired, prices plunged below zero and into negative territory
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Gold prices dropped 6%, the worst single-day decline in seven years
Gold prices fell more than 6% yesterday, the worst one-day decline in seven years as investors’ risk appetite returned, boosting U.S. stocks. Spot gold tumbled as much as 6% to $1,927.30 per ounce, down sharply from Friday’s record intraday high of $2,089.20. On Wednesday morning during Asia hours, spot gold fell further, last trading at $1880.16
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Gold shatters all previous records to reach $1943 per ounce
Gold prices broke all previous records on Monday morning as political tensions between China and the US escalated. In the morning of Asian trading hours on Monday, spot gold traded at about $1,931.11 per ounce after earlier trading as high as $1,943.9275 per ounce. Those levels eclipsed the previous record high price set in September 2011. Coronavirus crisis also played a major role in the recent price action
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CNBC
Oil had the best quarter in the last 30 years
After crashing to the lowest level in history earlier this year, oil prices made a huge comeback. Oil prices registered their best quarterly performance in 30 years during the three months through to the end of June. Brent crude futures skyrocketed more than 80% in the second quarter. It was the international benchmark’s best quarterly performance since the third quarter of 1990 during the first Gulf War
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China’s crude oil imports surge to near-record high
China’s crude oil imports jumped by 13 percent from April to near record-highs of 11.11 million bpd in May, the surge was mainly due to an increase in demand after the coronavirus pandemic. China’s imports from Saudi Arabia jumped by 800,000 bpd, following declines in the two previous months, while imports from Iraq surged by more than 400,000 bpd, OilX data showed
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