Oil prices continued to dwindle during the first part of the week but by the end of the week oil, much like other commodities, hiked on account of the recent surprise resolution of the EU Summit. Will this recovery hold up or will oil prices change direction and tumble down? Despite the nearly 10% hike in WTI on Friday, it finished the month 1.81% below its initial level. Brent, much like WTI, also finished the month rising by 6.12% but on a monthly scale declined by 4.98%.
During the upcoming week there are several reports that may affect oil including the U.S non-farm payroll report, U.S manufacturing PMI survey, ECB rate decision and U.S jobless claims. For the complete oil market weekly analysis at Trading NRG Oil– June/July
By Friday, June 29th oil price (WTI) hiked by 9.36% and reached $84.96/b; Brent oil also increased by 6.12% to $97/b; during last week, WTI increased by 7.06% and Brent by 7.34%.
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