Energy & precious metals - weekly review and outlook
Investing.com -- With just a week symbolically left for the peak of summer driving, most Americans must be relieved that they survived not just the road but also prices at the pump.
Despite growing demand for gasoline, the decline in the U.S. crude price from an early August high of almost $85 per barrel to below $80 now has managed to keep a lid on gasoline at the pump as well, Gross noted. “While Hurricane Franklin is not expected to hit the U.S. mainland, big swells are expected to impact the Eastern Seaboard starting as early as Monday and lingering through Labor Day weekend,” the NOAA said.
A total of 17 hurricanes were recorded during the 2022 season, with three of them - Ian, Nicole and Fiona - bringing extensive damage to Florida's coast and to Puerto Rico. Despite the rebound on the day, the U.S. crude benchmark finished the week down 1.7%, after shedding 2.3% last week. Prior to that, it rose for seven straight weeks in a rally that lifted WTI by nearly 20%.did a final trade of $84.88 after officially settling Friday’s session at $84.48 - up $1.12, or 1.3%.
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