Crude Oil, Uranium Forecast: Prices Rise on OPEC Report, Wall Street Bets Mentions

Crude Oil, OPEC, Tropical Storm, Uranium, Reddit – Talking Points

Crude and Brent oil benchmarks are gaining this week as lingering supply and production disruptions and a broader theme of risk-taking push prices higher. Crude oil is on track for its fourth weekly gain, currently up over 1% since Monday. Meanwhile, Brent oil prices are following closely behind and looking for their second weekly gain. A report from OPEC sent a bullish sign to traders on Monday. In the report, OPEC sees oil demand rising above pre-pandemic levels next year.

A broader sense of risk-taking is also helping lift prices after traders returned from the weekend and pushed Wall Street stocks higher. The Dow Jones Industrial Average gained 0.76% on Monday. Markets were plagued by profit-taking and a breakdown in sentiment on global growth worries. Those fears appear to have receded for now, at least partially.

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