Oil rises over 2% as gold steady ahead of US economic data
<p>Singapore: Oil prices rose more than 2% in Tuesday's trading, supported by signs of a recovery in crude exports from the region.</p> <p>Brent crude futures increased by more than 2%, reaching $107.44 per barrel, while the most actively traded December futures also rose by over 2% to reach $99.87 per barrel.</p> <p>US crude futures also rose more than 2% to reach $94.50 per barrel.</p>…
Oil prices surged over 2% in Tuesday's trading, boosted by indications of a recovery in crude exports from the region. Brent crude futures climbed more than 2%, climbing to $107.44 per barrel, while the highly traded December futures also increased by over 2% to reach $99.87 per barrel. US crude futures also rose more than 2%, hitting $94.50 per barrel.
In contrast, gold prices remained stable on Tuesday but hovered near a seven-week low due to concerns about the Federal Reserve potentially maintaining higher interest rates for an extended period, while investors awaited a series of US economic data. Spot gold settled at $4,124.57 per ounce, after reaching its lowest level since August 5 in the previous session. US gold futures declined by 0.3% to $4,156.70.
Silver prices dropped 0.6% to $60.62, while platinum fell 1% to $1,699.86. Palladium also experienced a slight decrease of 0.5%, settling at $1,209.08.
Written by urgent.news from The Peninsula Qatar Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
