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Oil Slips, Gold Recovers
Oil prices were mixed on Friday, with Brent and West Texas Intermediate crude on track for a second consecutive weekly loss. Brent stood at $96.09 a barrel, down about 2.3% for the week, while U.S. crude was at $88.42, down 2.7%. Easing concerns about military escalation in the Middle East and a rise in U.S. inventories—which increased by 4.7 million barrels to 414.4 million—put pressure on prices, despite ongoing supply risks. Gold rose 0.57% to $3,899.83 an ounce, but remained down about 4.1% for the week, weighed down by expectations of higher U.S. interest rates. The probability of a quarter-point rate increase in December stood at 89%.
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