Oil prices were little changed on Tuesday as concerns eased about the fallout from the overthrow of Syria's president while the market found support from Chinese stimulus that could boost demand from the world's biggest crude buyer. Brent crude futures rose 5 cents, or 0.07%, to close at $72.19 a barrel. U.S. West Texas Intermediate gained 22 cents, or 0.32%, to settle at $68.59. Both benchmarks had risen more than 1% on Monday. In Syria, rebels were working to form a government and restore order after the ousting of President Bashar al-Assad, with the country's banks and oil sector set to...
Gold prices hit a two-week high on Tuesday, underpinned by rising geopolitical tensions and expectations of a third U.S. rate cut by the Federal Reserve next week, while the market's gaze shifted to Wednesday's U.S. inflation data. Spot gold was up 1.3% at $2,692.32 per ounce at 01:41 p.m. ET (1841 GMT). U.S. gold futures settled 1.2% higher at $2,718.40. The spotlight is moving to the U.S. Consumer Price Index (CPI) on Wednesday, which is expected to rise by 0.3% in November, according to a Reuters poll, and the Producer Price Index (PPI) on Thursday, both pivotal in shaping the Fed's...
Oil prices fell slightly in trade on Tuesday, losing some ground after pledges of more stimulus in top importer China and heightened geopolitical tensions in Syria sparked strong gains. Anticipation of more economic signals from China and the U.S. in the coming days also kept traders to the sidelines, as did caution over a monthly report from the OPEC. Brent oil futures expiring in February fell 0.2% to $72.0 a barrel, while West Texas Intermediate crude futures fell 0.2% to $67.96 a barrel by 20:44 ET (01:44 GMT). Oil prices rose over 1% on Monday after China's top political body...
Gold futures rise on safe-haven demand and central-bank purchases. Futures are up 0.5% at $2,699.30 a troy ounce. The precious metal found support from heightened geopolitical tensions, bolstering its appeal as a safe-haven asset, says Ricardo Evangelista, senior analyst at ActivTrades. China's central bank said it has resumed gold purchases after a six-month hiatus, adding further support, Evangelista writes. Expectations that the Federal Reserve will cut U.S. interest rates later this month have solidified among traders, boosting the appeal of non-interest bearing bullion and completing...