Oil Dips Gold Steadies Amid Stronger Dollar and G7 Stockpile Release

Commodity markets showed mixed movements on October 6, 2026. Oil prices dipped slightly as concerns over supply tightened. Resilient exports from the Middle East and a strategic release of stockpiles by the G7 nations contributed to the easing of supply worries. However, ongoing attacks by Yemen's Houthis on Saudi targets kept traders cautious about potential disruptions in Gulf supplies.

Brent crude futures dropped by 4 cents to $100.28 per barrel, while US West Texas Intermediate crude futures fell by 11 cents, or 0.1%, to $89.33 per barrel. The declines reflected the market's response to the balanced supply situation.

Meanwhile, gold prices steadied after initial gains. The stronger dollar, driven by European political uncertainty, weighed on gold. Traders also considered the outlook for interest rates, which added to the volatility in precious metals. Spot bullion hovered near $4,140 per ounce, with silver rising by 1.2% to $61.08 per ounce. Platinum and palladium also saw advances.

The dollar index edged up by 0.1%, following an earlier gain of as much as 0.4% during the session. This increase in the dollar's strength further pressured gold and other precious metals.