Global oil prices edged lower on Tuesday as hopes of de-escalation in the Middle East eased supply worries, with Brent crude futures down 0.57% to $115.15 a barrel and US West Texas Intermediate down 0.43% to $101.32, according to Reuters. Brent remained near a six-month high after attacks on Saudi Arabia last week.
Gold slipped slightly as the US dollar strengthened ahead of the Federal Reserve’s policy meeting, with spot gold down 0.1% to $4,013.70 an ounce, while silver rose 0.1% to $53.97. Gold had rebounded above $4,000 on Monday after falling to a three-month low of $3,975 last week.
October has been the worst month on record for attacks on commercial vessels in the Strait of Hormuz and nearby waterways, according to data compiled by a Washington-based research centre. For Pakistan, which imports most of its oil, even a modest easing in crude helps the import bill, though prices remain far above levels that would bring quick relief at the pump.
Sources: Reuters, FinanceFeeds. Written in our own words for information only.