Oil Prices Are Fluctuating

Oil, recorded a level above $108 on the first day of the week, then went below $100. The optimism in the morning gave way to a decline again. Brent oil, which exceeded $103 in the first hours of the day, decreased to $101 in the middle of the day. Oil prices, which plummeted yesterday as a result of the Chinese government's wide-ranging Covid-19 measures, turned erratic. Oil prices, which rose above $103 with a 1.5% premium in the first hours of the day, dropped to the level of $101 towards the middle of the day. In comparison to yesterday's closure, the price of a barrel of Brent oil has declined by 1%. After dropping below $100 on the first day of the week, which started above $108, Brent oil completed the day just above $102. While the fluctuating course of oil continues, gold prices are stable. The price of an ounce of spot gold was recorded as $1,903. The dollar gains value; as a result of the Chinese lockdown, investors are flocking to safe-haven assets, fearful that the Fed may hike rates sooner than expected. As the Dollar Index approaches 102 points, the US Dollar rose to a two-year high against the euro and an 18-month high against the pound. On the other hand, US bonds fell by 1% and stabilized at 2.79%.