12 Hrs
Source:
عين ليبيا
Oil gains as gold declines amid Saudi supply concerns
Oil prices continued to rise due to growing fears of supply disruptions in crude oil in Saudi Arabia, stemming from Houthi attacks on the kingdom and the postponement of talks with Iran, which threaten to escalate the conflict in the region. West Texas Intermediate crude oil prices increased to $103.09 per barrel, while Brent prices rose to $107.30, amid the halt of the East-West pipeline that connects eastern and western Saudi Arabia and crosses the Strait of Hormuz. At the same time, gold prices declined by 0.70% to $4,269.70 per ounce, as markets awaited the U.S. Federal Reserve's decision to raise interest rates by a quarter of a percentage point, which is expected to bring the rate into the range of 3.75% to 4%.
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