Oil and gold fall on US demand outlook

Oil and gold prices declined as markets continued to watch for developments in global demand and U.S. monetary policy, in addition to the uncertainty surrounding the reopening of the Strait of Hormuz and the stalled talks between the United States and Iran. Brent crude futures dropped to $88.56 per barrel, while West Texas Intermediate fell to $82.72, after previous gains. This came amid an increase in U.S. oil inventories by 17.4 million barrels to their highest level since June, and a downward revision by market analysts of global consumption expectations, influenced by rising prices and supply restrictions impacting demand. Gold also declined by 0.5% to $4,383.53 per ounce, after earlier gains, as investors awaited U.S. inflation data and producer price index figures. The data showed a slowdown in inflation and a decrease in expectations for interest rate hikes, supporting gold price stability.

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