Oil prices up in July by 16 per cent; highest since January 2022

The oil market witnessed a significant surge in prices by 16 per cent in July, the highest since January 2022

New Delhi: The oil market witnessed a significant surge in prices by 16 per cent in July, the highest since January 2022, as per a report by Motilal Oswal Asset Management Company.

Silver and gold prices also rose by 8 per cent and 3 per cent, respectively. The crypto market was an exception to the green wave, as Bitcoin & Ethereum fell by 4 per cent, followed by the collapse of FTX, one of the largest global cryptocurrency exchanges.

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Both emerging and developed markets delivered positive performance, with South Africa emerging as a standout performer, surging by an impressive 13 per cent. Within the US market, the NASDAQ 100 and S&P 500 indices recorded gains of 4 per cent & 3 per cent, respectively.

IT sector dominated S&P 500’s gains, the report said. Nifty Smallcap 250 outperformed all major indexes clocked gain of 7.69 per cent, followed by Nifty Midcap 150 at 5.51 per cent. Realty, Metals & Energy led the charge, rising 9 per cent each. On the flip side, IT lagged with a modest 1 per cent rise, the report said.

All sectors, excluding the Diversified sector, contributed positively to the NIFTY 500 returns, with the financial services sector making the most substantial impact.