Oil prices weakened after three consecutive sessions of gains as traders assessed the latest US stockpiles data and awaited the Federal Reserve's interest rate decision later Wednesday. West Texas Intermediate (WTI) prices held around $64 per barrel after rising 3.4% in the previous three sessions. The commodity weakened as traders shrugged off the latest US stockpiles data, which showed crude inventories fell by 9.29 million barrels amid a significant increase in exports. However, adjustment factors surged and distillate inventories rose to their highest level since January, adding to the...
Gold prices surged to a record high on Wednesday (September 18) after the Federal Reserve cut interest rates by 25 basis points and signaled steady easing through the end of the year. Spot gold fell 0.2% to $3,681.39 an ounce, as of 2:31 PM EDT (18:31 GMT), after hitting a record high of $3,707.40 earlier in the session. U.S. gold futures for December delivery closed 0.2% lower at $3,717.80. The U.S. dollar continued its decline, making dollar-priced gold more attractive to holders of other currencies. "Gold's recent record highs continue to be a result of expectations for lower interest...
Oil prices weakened on Wednesday after data showing rising US diesel stockpiles fueled demand concerns and the US Federal Reserve cut interest rates as expected. Brent crude futures closed 52 cents, or 0.76%, lower at $68.22 a barrel, while US West Texas Intermediate crude fell 47 cents, or 0.73%, to $64.05. US crude inventories fell sharply last week, driven by a surge in exports and a sharp decline in imports, according to the Energy Information Administration (EIA) on Wednesday. However, rising distillate stockpiles fueled demand concerns and kept prices in check, analysts said. "It...