Oil prices persist decrease amid current OPEC+ uncertainty, gold surges
Date
11/28/2023 2:15:52 AM
(MENAFN) The downward trend in oil prices persisted for the fourth consecutive session as traders eagerly awaited the outcomes of the postponed OPEC+ meeting scheduled for the 30th of this month. brent crude futures for January delivery dipped by 0.66 percent, or 53 cents, settling at USD80.05 per barrel. This decline followed a more than 2 percent drop over the previous three sessions. Similarly, US crude futures for January delivery fell by 0.75 percent, or 57 cents, reaching USD74.97. Anticipation around the OPEC+ gathering remains high, with ING analysts expressing the view that negative sentiment prevails in the oil market due to internal disagreements within the group regarding production quotas.
On the other hand, gold showcased its luster by reaching its highest levels in six months. Futures for December delivery witnessed a 0.51 percent increase, or USD10.3, reaching USD2,013.3 per ounce. Silver futures for March delivery also experienced a rise, increasing by 1.59 percent to USD25.09. Additionally, the spot price of platinum climbed to USD938.06.
The surge in gold prices can be attributed to growing expectations that the Federal Reserve will conclude its interest rate hikes. This positive outlook has contributed to gold trading above the USD2,010 per ounce level, reflecting heightened confidence in the precious metal.
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