Apr 24, 09:59 AM

Oil Recovers to $66.65, Gold Rebounds to $3,329 After Over 3% Drop

Oil prices recovered on April 24 after a nearly 2% decline in the previous session, as investors weighed the possibility of an OPEC+ output increase. Brent crude futures rose 53 cents, or 0.8%, to $66.65 a barrel, while U.S. West Texas Intermediate crude climbed 55 cents, or 0.88%, to $62.82. The earlier drop in oil prices followed reports that several OPEC+ members may propose accelerating output increases for a second month in June, amid ongoing disagreements over production quotas. Kazakhstan, which produces about 2% of global oil output, indicated it would prioritize national interests over OPEC+ quotas. Analysts noted that further discord among OPEC+ members could pose a downside risk to prices. Gold rebounded after its steepest one-day loss this year, gaining 1.1% to $3,329.16 an ounce at 11:47 a.m. in Singapore, after falling more than 3% in the previous session. Additional data from market sources indicate gold was up as much as 1.4% and 0.98% in intraday trading, and both gold and oil were reported up 1% following the declines. The rebound in gold was supported by dip-buying and a weaker U.S. dollar. Investors sought refuge in gold amid ongoing uncertainty over U.S.-China trade relations and global economic outlook. Trading volumes for gold futures in Shanghai reached a record after the sharp decline, and the Bloomberg Dollar Spot Index edged lower.

#Kazakhstan #Singapore #Shanghai #Bloomberg Dollar Spot Index

Written with ChatGPT (GPT-4).