Economic & Finance Report

Oil had an impeccable rally Monday, June 21, 2021. The biggest rally since 2018. Many folks are associating the rally with presidential elections that took place last Friday, June 18, 2021 in Iran. The global markets are assuming that there will not be any oil rate hikes in the near future; so it is already placing its intentions or brushing it off with the markets; allowing oil futures to rise sharply. ‘

The rally by oil comes as last week many commodity futures were selling off in the markets. This had been indicated because of the sharp rise of the dollar as well. Usually the dollar and commodities are polar opposites, but last week tended to be different. Regardless, oil sharp rise in today’s global markets was a good sign for futures in general. -SB

Photo: FineArtAmerica.com

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