Tag
STEPHEN INNES
Crude oil plunged, largely due to growing concerns amongst oil traders on what the outcome of the OPEC+ meeting will be.
Gold futures lost about 1.3% to close at $1,1781.90/ounce, dropping as low as$1,770.65, a price not seen since June 22.
Currency traders' recent moves in the money market will continue to put the U.S dollar under pressure in the short term.
Brent oil futures gained 0.51% to trade at $48.86/barrel and the West Texas Intermediate futures ticked up by 0.46% to trade at $45.92/barrel.
At the close of trading at the New York Stock Exchange, the Dow Jones Industrial Average surged by 1.55% to hit a new all-time high.
Gold bulls are presently nursing their wounds amid the sharp drop seen lately in gold prices
Crude oil prices hit their highest price levels since March at the second trading session of the week.
Oil traders hoping on OPEC+ meeting scheduled to hold in some days time could see the organisation extend current cuts by 3-6 months.
The U.S. Dollar Index, which monitors the greenback's strength against a basket of major currencies dropped 0.14% to trade at 92.263 points.
London's based oil contract Brent crude futures gained 1.72% to settle at $44.79 a barrel.
At about 6.11 am West African time, Gold futures lost about 0.39% to trade at $1866/ounce.
Oil prices slid downwards at the mid-week trading session due to fears for soft fuel demand.