Oil Prices Dip Below $105 as Fed Rate Hike Pressures Gold

Oil prices dipped below $105 per barrel after reports of increased Saudi supply availability. Brent crude oil, which had been trading above this level, fell to $104.59 as concerns about potential supply disruptions in the Middle East eased.

The development helped soften the immediate supply-risk premium that had previously driven energy prices higher.

For Indian investors, a decline in oil prices is a welcome development, as India relies heavily on imports to meet its energy needs and high prices can contribute to inflation and pressure the country's trade balance.

Meanwhile, gold prices remain under pressure, trading near $4,270 an ounce following the U.S. Federal Reserve's decision to raise interest rates by 25 basis points.