US crude oil experiences decline of USD1.03, Brent crude drops 85 cents

(MENAFN) In the commodities market, benchmark U.S. crude oil for January delivery experienced a decline of USD1.03, settling at USD73.04 per barrel on Monday. Simultaneously, Brent crude for February delivery dropped 85 cents to reach USD78.03 per barrel. This shift reflects ongoing fluctuations in oil prices, influenced by factors such as global supply dynamics, demand uncertainties, and geopolitical considerations.

Wholesale gasoline, however, saw a modest increase in value for January delivery, rising by 1 cent to USD2.13 per gallon. January heating oil remained unchanged at USD2.66 a gallon. In contrast, January natural gas witnessed a decline of 12 cents, closing at USD2.69 per 1,000 cubic feet. These variations in energy commodity prices indicate the continued sensitivity of the market to supply and demand dynamics, weather patterns, and broader economic factors.

Precious metals experienced notable losses, with gold for February delivery falling by USD47.50 to USD2,042.20 per ounce. Silver for March delivery declined by 95 cents, reaching USD24.91 per ounce, while March copper dropped by 9 cents to USD3.84 per pound. These fluctuations in precious metal prices may be influenced by a range of factors, including shifts in investor sentiment, inflation concerns, and global economic conditions.

In the currency market, the dollar demonstrated strength, rising to 147.31 yen from 146.85 Japanese yen. Conversely, the euro experienced a decline, falling to USD1.0828 from USD1.0872. These currency movements reflect the intricate interplay of economic indicators, central bank policies, and geopolitical developments, contributing to the ongoing dynamics in the global financial landscape.


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