Oil prices surged after the US announced sanctions on Russia's largest oil companies, threatening supplies from one of the world's largest oil producers. West Texas Intermediate crude jumped 6.2% to trade above $61 per barrel, heading for its biggest one-day gain since the start of the Israel-Iran conflict on June 13. The US blacklisted Russian oil giants Rosneft PJSC and Lukoil PJSC in an attempt to cut off revenues needed for Russia's war in Ukraine. Senior refinery executives in India—a major buyer of Russian crude—said the restrictions would make it impossible for oil flows to...
Gold prices rose more than 1% on Thursday (October 23rd) after two consecutive sessions of declines, as resurgent geopolitical risks boosted demand for safe-haven assets and investors prepared for key US inflation data due on Friday. Spot gold rose 1.4% to $4,149.39 an ounce, as of 11:05 a.m. ET (15:05 GMT), after falling to a near two-week low in the previous session. US gold futures for December delivery rose 2.5% to $4,165.80 an ounce. Prices hit a record high of $4,381.21 on Monday, but posted their sharpest decline in five years in the following session. GOLD VALUES JUMP THIS...
Gold prices rose more than 1% on Thursday (October 23rd) after two consecutive sessions of declines, as resurgent geopolitical risks boosted demand for safe-haven assets and investors prepared for key US inflation data due on Friday. Spot gold rose 1% to $4,132.76 an ounce, as of 1:49 p.m. ET (1748 GMT), after falling to a near two-week low in the previous session. US gold futures for December delivery closed 2% higher at $4,145.60 an ounce. Prices hit a record high of $4,381.21 on Monday, but posted their sharpest decline in five years in the following session. GOLD VALUES JUMP THIS...
Oil prices surged about 5% to a two-week high on Thursday (October 23rd) after the US imposed sanctions on major Russian suppliers Rosneft (ROSN.MM) and Lukoil (LKOH.MM) over Moscow's war in Ukraine, prompting energy companies in China and India to consider reducing Russian imports. Brent crude futures rose $3.40, or 5.4%, to $65.99 a barrel, while U.S. West Texas Intermediate (WTI) crude rose $3.29, or 5.6%, to $61.79. The daily percentage gains were the largest for both crude contracts since mid-June and the highest close since October 8th. "The announcement of US sanctions against...
Gold falls in early Asian trade on likely further unwinding of long positions, analysts say. "Our gold analysis suggests moderate further downside may be on the cards," says Fawad Razaqzada, market analyst at City Index and FOREX.com, in commentary. While gold managed to recently bounce near support around the $4,000/oz-$4,022/oz range as expected, this doesn't necessarily mean the bearish move has already ended, the analyst says. If gold closes below $4,000/oz, it would be a bearish technical development, the analyst adds. Spot gold is 0.4% lower at $4,109.32/oz. Source: Dow Jones Newswires