In the morning tradings in Europe on Monday, June 6, oil prices gain ground after the decline last week. On the Mercantile Exchange in London Brent oil with the delivery in August surged to $50.18 a barrel. On Friday the black gold shed 0.8% to $49.64 after the OPEC members could not agree about freezing oil prices.
On the Mercantile Exchange in New York crude oil with the delivery in July added 1.09% to $49.14 a barrel. On Friday it slid 1.12% or 55 cents. Since February the US oil climbed almost 80% after hitting a 13-year low at $26.05. Currently the number of oil rigs might increase again in the US and the production decline may slow down.
Gold prices rise today as well. Investors realized that the chances of the interest rate hike in the US are extremely low. Gold futures edged up to 0.06% to $1.243.40 a troy ounce. Silver picked up 0.34% to $16.42 a troy ounce.