Oil prices in global markets witnessed a rise, achieving weekly gains of more than 3%, and gold fell under pressure from the strength of the dollar.
The performance of oil comes in light of data from the US Energy Information Administration indicating a continued decline in oil stocks in the United States, with about 30 percent of production being disrupted in the Gulf of Mexico due to the effects of Tropical Storm Nicholas and Hurricane Ida.
It is noteworthy that the recent OPEC forecasts indicated estimates of a contraction in demand for crude during the last quarter of this year due to concerns about the spread of the fast-spreading delta mutator.
The price of futures contracts for “NYMEX” crude for October delivery fell by 0.9 percent, losing 64 cents, to record $71.97 a barrel, achieving a weekly gain of 3.2 percent.
By 7:02 pm GMT, the price of Brent crude futures fell by 0.3 percent, at the level of $75.45 a barrel.
Gold futures ended lower today, for the third session in a row, to lose 0.3 percent to $1751.4 an ounce, after a 2.1 percent decline yesterday, in light of the dollar’s good performance against major currencies ahead of the Federal Reserve’s meeting next week.
Gold recorded weekly losses of about 2.3 percent – for the second week in a row – hitting its lowest level since last August 10.
The performance of the yellow metal came on the back of the US retail sales report for the month of August, which came better than expected, yesterday, Thursday, with an increase of 0.7 percent on a monthly basis, to the strengthening of the dollar against gold.
The dollar’s performance against the major currencies is witnessing an increase, with anticipation of the Federal Reserve’s meeting next week, with anticipation of the announcement to reduce the bond purchase program of the US central that was implemented to provide liquidity to the market during the worst periods of the Corona virus turmoil last year.
And the dollar rose against the single currency of Europe by 0.3 percent, to record the euro 1.1731 dollars, and it rose against the Japanese yen by about 0.2 percent, recording 109.930 yen, by 7:20 pm GMT.
At the same time, the price of the dollar against the British pound increased by 0.4 percent, to record $1.3739.
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