Oil drops as gold rises amid inventory reports
Oil prices declined today, Thursday, due to lowered global demand expectations and an increase in U.S. crude inventories. American oil stocks unexpectedly rose by 17.4 million barrels to a record high since June 2026, which pushed Brent crude prices down by 0.47% to $88.56 per barrel and West Texas Intermediate (WTI) by 0.66% to $82.72. Conversely, the lack of progress in Iran's nuclear deal revival negotiations has maintained political deadlock, impacting the oil markets. On the other hand, gold prices rose to their highest level in over two months, supported by slowing U.S. inflation and expectations of lower interest rates, climbing to $4,433.62 per ounce, as prospects of an interest rate hike at the upcoming Federal Reserve meeting diminished.
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