Exxon and Chevron Earnings Announcements Has Little Effect on Brent Crude Oil Prices, Bullish Market Sentiment For Cotton and Gold Prices Rise Again
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Summary:
- Despite the earnings of Chevron and Exxon not meeting expectations, the price of Brent Crude Oil continues to rise.
- Cotton futures prices rise as farmers begin to hoard.
- Gold prices on the rise again amidst worrying U.S GDP numbers.
Brent Crude Oil price increase continues.
The week started off poorly for the Brent Crude Oil stocks, but have since then risen substantially. Despite the earnings report of energy sector giants Chevron and Exxon falling short of investor expectations, the price of Brent Crude Oil still saw price rises over the past 24 hours. The price increase comes with the West continuing to move away from Russia for their oil supplies and therefore the concerns around supply continue.
Brent Crude Oil Price Chart
Cotton futures may continue to be bullish.
The Price of cotton futures continues to rise amidst China's lockdowns as concerns about crop planting and adverse weather conditions rise. With China being one of the major suppliers of cotton worldwide and therefore future supply concerns pushing the price up, as well as farmers hoarding their cotton in hopes the future prices will increase the commodity prices are likely to continue this bullish trend.
Cotton Futures Jul ‘22 Price Chart
Gold Futures on the rise again.
Gold Futures rose on Friday as worrying U.S economic data sent investors seeking the gold safe-haven investment. US GDP came out as disappointing, meaning that pressure could be taken off the Fed to continue on its hawkish monetary pursuit, begging the question of whether fighting the inflation is worth dragging the economy into a recession.
Gold Futures Price Chart
Sources: Finance.yahoo.com, economictimes.indiatimes.com
