Oil prices edged higher on Tuesday (October 21st) amid volatile trading, as investors focused on expectations that the market may be oversupplied and sought clarity regarding the trade dispute between the U.S. and China, the world's two largest oil consumers. Brent crude rose 23 cents, or 0.4%, to $61.24 a barrel at 11:38 a.m. ET (15:38 GMT). The U.S. West Texas Intermediate crude contract for November delivery, which expires on Tuesday, rose 22 cents, also 0.4%, to $57.74. Both contracts hit their lowest levels since early May on Monday, as record U.S. oil production and the decision by...
Gold prices were on track for their sharpest daily decline in five years on Tuesday (October 21st), as investors took profits after expectations of a US interest rate cut and continued demand for safe-haven assets pushed the precious metal to a record high in the previous session. Spot gold prices fell 5.5% to a one-week low of $4,115.26 an ounce at 1:45 a.m. EDT (1745 GMT), the steepest decline since August 2020. US gold futures for December delivery closed 5.7% lower at $4,109.10 an ounce. Prices hit an all-time high of $4,381.21 on Monday and have risen about 60% this year, driven by...
Oil prices rose on Tuesday (October 21), bouncing off a five-month low in the previous session, as investors reassessed expectations of a possible oversupply and sought clarity on the trade dispute between the U.S. and China, the world's two largest oil consumers. Brent crude rose 31 cents, or 0.5%, to $61.32 a barrel, while U.S. West Texas Intermediate crude for November delivery, which expires on Tuesday, closed up 30 cents, or 0.5%, to $57.82. Both contracts hit their lowest levels since early May on Monday, as record U.S. oil production and the decision by the Organization of the...