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 and silver experienced their sharpest sell-offs in years as investors locked in profits amid concerns that the precious metals' recent historic rally has overvalued them. Spot gold prices plunged 6.3%, their biggest drop since 2013, while spot silver fell 8.7% to $47.89 an ounce after technical indicators suggested the previous rally may have been overdone. Traders also cited a stronger dollar as reducing the metals' appeal, while recent comments from the White House eased concerns about the US-China trade talks. The closure of India, the second-largest gold buyer, for the Diwali...
Oil prices stabilise as oversupply concerns ease Oil prices steadied on Tuesday on easing concerns about an oversupplied market and the trade dispute between the U.S. and China, the world's top two oil consumers. Brent crude futures were up 7 cents, or 0.11%, at $61.08 a barrel at 1320 GMT. The U.S. West Texas Intermediate crude (WTI) contract for November delivery, set to expire on Tuesday, was up 14 cents, or 0.24%, to $57.66. Prices stabilised on Tuesday after hitting their lowest levels since early May on Monday, amid mounting concerns of oversupply and slowing economic growth...
The U.S. dollar rose slightly higher Tuesday, stabilizing after recent banking-induced losses as the prospect of upcoming trade talks between the U.S. and China helped ease some concerns over a renewed trade war. The Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.2% higher to 98.570, after recording last week the biggest five-day retreat since late July. Dollar stabilizes after banking woesAttention in the foreign exchange markets has drifted away from concerns about the state of the U.S. banking sector with U.S. equities extending the rebound...