Oil jumped 6%, showing its longest consecutive loss since 2019 – Texas News Today

Crude oil prices rose on Monday, the dollar fell, and traders said they had suffered the worst seven consecutive days since 2019.

“The news of zero new affairs in China has brought a tailspin to the end of the Cavi Cave, adding fresh air and fresh air to the landscape of interest,” said Blaine’s future analyst. Rice field. In addition, the US dollar has recently rebounded in support of the commodity.

West Texas Intermediate crude oil futures rose to $ 65.35, or $ 3.22 (5.2%). Earlier that day, it rose more than 6% to a maximum of $ 66, the highest since November.

The sharp rise has been negative for the second week in three weeks since last week, when contracts were reduced by a negative weekly performance since October 2020. WTI has been closed since Friday, May 20.

International standards Brent crude rose from $ 68.38 to 5%, or $ 3.20, after the worst week since October 2020.

In countries such as Japan and New Zealand, the expansion of the Covi-19 Delta could reduce demand and lead to new sanctions. In addition, weak economic data from China, the world’s largest oil importer, has put pressure on prices. The latest US report also shows an increase in gasoline stocks and production from U.S. manufacturers.

However, some Wall Street companies say sales appear to be exaggerated.

“This inflation is overestimated and is related to market participants’ psychology rather than deteriorating data,” said Komezbank.

Meanwhile, Goldman Sachs, for his part, said that in China, macroeconomic headaches, including Coin’s fears, have overshadowed oil and commodity prices.

“Fluid still remains and trends are not our friends yet, but as we move into the fall, micro (by constantly tightening commodity prices) beats these macro trends and oils. We believe that many markets will push base metals to new heights. This cycle. “

Energy growth has risen following the rise in oil prices, with the group gaining more than 3% in the S&P 500. Diamondback Energy, Osidonal, grew by more than 6 percent and was one of the top performers. APA increased by more than 5%.

ETFs oil and gas exploration and production ETFs and van EC vectors ETFs each increased by more than 4%.

The energy sector declined by more than 7% last week and has yet to regain its position as the highest performing group this year. Energy was the best sector in the first half of this year, but has suffered the most in recent weeks and is now the fourth-best sector after 2021, after finance, real estate and telecommunications services.