New Delhi, July 29: Global oil prices jumped sharply in early trade on Tuesday, with both WTI Crude and Brent Crude gaining nearly 4%, indicating renewed buying interest after recent losses. The rebound comes even as both benchmarks remain lower on a weekly basis, reflecting continued volatility in global energy markets.
According to the latest market data:
- WTI Crude Oil rose 3.94% to $82.38 per barrel, though it is still down 5.24% over the past week. On a longer-term basis, crude remains 18.39% higher over the month, 43.30% higher year-to-date (YTD), and 17.54% higher than a year ago.
- Brent Crude climbed 3.79% to $87.27 per barrel. Despite the sharp daily gain, Brent is down 7.42% weekly, while posting gains of 19.39% monthly, 43.13% YTD, and 20.18% YoY.
- Natural Gas slipped 0.23% to $2.69/MMBtu, extending its weak trend with declines of 7.87% weekly, 17.72% monthly, and 26.89% YTD.
- Gasoline advanced 0.97% to $3.37 per gallon, while Heating Oil surged 2.36% to $4.25 per gallon.
- EU Natural Gas prices gained 2.32% to €59.14/MWh, remaining up nearly 110% YTD, highlighting continued tightness in Europe's energy market.
The sharp rebound in crude oil prices could keep energy stocks in focus, while sustained strength in oil may influence inflation expectations and fuel-related sectors globally.
Disclaimer: Commodity prices are subject to rapid market fluctuations. This report is for informational purposes only and should not be considered investment or trading advice. Investors should consult a qualified financial advisor before making investment decisions.
