Rising Oil Prices and Declining Gold Prices Globally

SadaNews Economy - On Friday, oil prices rose, with Brent crude futures increasing by $2.38, or 2.3%, to reach $104.96 per barrel, while West Texas Intermediate crude futures rose by $1.73, or 1.8%, to reach $98.08.

Both benchmarks dropped by about 2% on Thursday to their lowest levels at settlement in nearly two weeks, and West Texas Intermediate is expected to remain in the $90 to $110 range next week, as has been largely the case since late March.

Meanwhile, gold prices slightly declined today, moving towards recording a second consecutive weekly loss, affected negatively by rising oil prices and increasing inflation concerns regarding the yellow metal.

The price of gold in spot transactions fell by 0.2% to $4534.29 per ounce, and declined by about 0.1% so far this week.

U.S. gold futures for June delivery decreased by 0.1% to $4535.60.

As for other precious metals, the price of silver in spot transactions decreased by 0.5% to $76.32 per ounce, platinum fell by 0.3% to $1959.20, while palladium remained steady at $1377.89.