Oil finished the week with a record growth in two years

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Oil prices rose at a record pace at the end of last week. Brent went up by 7.3%, WTI - by 9%, which could be the most significant increase in oil prices since 2016. Optimism in the commodity market is caused by the growth of the global economy and the reduction in supplies from OPEC. Additional market support was provided by the Federal Reserve System (Fed), led by Jerome Powell, who plans to keep a cautious rate and raise interest rates in a balanced way. The head of the department of macroeconomic research at Julius Baer Group, Norbert Ruecker, is full of hopes regarding the oil market, he is confident that the demand for fuel will remain at a decent level in the near future.

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