LONDON, U.K. – Brent crude oil prices reportedly crossed $50 per barrel on May 26 for the first time in seven months.
According to reports, oil prices topped January 2016’s 12-year low by more than 80 percent, and served as a buoy for energy shares across Asia, especially those of China’s PetroChina which increased by 0.4 percent.
Reports added that the Department of Energy reported that U.S. commercial crude oil indexes fell by 4.2 million barrels till May 20.
Further, Japan’s Nikkei Stock Average increased by 0.1 percent, but Korea’s Kospi slipped by 0.2 percent.
Reports state that stock investors were relieved at the rallying of oil prices, especially after Goldman Sach’s grim predictions that oil could drop to prices as low as $20 a barrel.
Additionally, the price of gold, the traditionally stable asset, reportedly rebounded to $1,232.30 a troy ounce, causing alarm among investors.
The condition of the global economy will reportedly be discussed at the G7 Summit between heads of state and government from the United States, Britain, France, Germany, Italy, Canada and host Japan.
