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Oil falls for third day, gold recovers
Oil prices declined for the third consecutive session amid reduced concerns about Saudi supplies, with Brent crude dropping by 2.2% to $102.6 per barrel, and West Texas Intermediate (WTI) falling by 1.7% to $100.2. This marks the first weekly loss in three weeks, approximately 2%. Amid escalating conflict in the Middle East and exchanges of strikes between Saudi Arabia and the Houthis, Saudi Arabia is attempting to recover some of its disrupted export capacity, which has alleviated supply-related concerns. Meanwhile, gold prices rose by about 1.2%, reaching $4,395 per ounce, supported by declining oil prices, a weaker dollar, and lower U.S. Treasury yields. Despite Japan's Bank raising interest rates to the highest level in 31 years, the Japanese yen failed to strengthen, continuing its decline by 0.7% to 157.1 yen per dollar, as pressure on the Japanese currency persists despite its accommodative monetary policy.
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