Oil prices edged higher on Tuesday even as investors weighed the global supply outlook after Iraq and Kurdish regional governments reached a preliminary agreement to restart an oil pipeline. Brent crude futures rose 14 cents to $66.71 a barrel by 0919 GMT, while U.S. West Texas Intermediate crude gained 21 cents at $62.49 a barrel, both recouping modest earlier losses. Brent and WTI had fallen for the previous four sessions, dropping around 3%. "Supportive elements are still low OECD oil inventories," UBS analyst Giovanni Staunovo said. "On the other hand, higher crude exports from OPEC+...
Gold hit a new record, with traders weighing China's plan to become a custodian of foreign gold reserves in an effort to strengthen its position in the global bullion market. The People's Bank of China (PBOC) is using the Shanghai Gold Exchange to persuade central banks in friendly countries to buy bullion and store it domestically, according to sources familiar with the matter. The Asian nation is the world's largest producer and consumer of the precious metal, and a larger role in the global bullion market could mean easing import restrictions, or a broader role for gold in the financial...
Oil prices rose after the North Atlantic Treaty Organization (NATO) promised a "robust" response to Russian incursions into its airspace, adding to concerns about Russian supply flows. West Texas Intermediate (WTI) crude rose as much as 2.6% to trade near $64 per barrel, its biggest intraday gain in a week, after NATO said it would use all options, including military ones, to defend itself. U.S. Secretary of State Marco Rubio reaffirmed America's commitment to NATO, while the Russian government is evaluating a potential ban on diesel exports for some companies amid a spate of Ukrainian...