Tag
CHIEF GLOBAL MARKET STRATEGIST
Brent crude futures dropped about 1%, to $54.65 a barrel, after losing 2.3% on Friday.
Gold futures prices at their most recent trading session settled at $1,829.90 an ounce, down by 1.2%.
Oil prices were under pressure on fears of recent lockdown measures sighted in China.
Oil prices are under pressure, and recent customs data reveal that crude imports into China were up 7.3% in 2020.
The U.S. Dollar Index which tracks the greenback against a basket of major currencies inched up 0.05% to 90.4020.
Oil traders are now weighing the ever-rising number of COVID-19 cases and the impact on global energy demand.
Both major benchmarks traded above the $50 mark and are trading at their highest levels since February 2020.
Brent crude futures traded at $55.59 a barrel and West Texas Intermediate futures was around $52.22 a barrel.
Spot gold dropped as much as 0.7% to $1,836.30 an ounce at the Asian trading session
Brent crude futures gained 0.63% to trade at $54.72 a barrel while the WTI futures rallied by 0.61% to trade at $51.14 a barrel.
Oil traders are staying long amid reports showing supporters of President Trump storming the U.S. Capitol.
Gold futures dropped about 0.33% to trade at $1,947.