Oil Prices Rebound Amid Middle Eastern Supply Concerns
Oil prices rebounded slightly on Tuesday after plunging in the previous session due to concerns over Middle Eastern supply. Crude oil recovered some losses, but remains volatile as investors assess geopolitical developments and await key US economic data for clues on the Federal Reserve's interest-rate path.
The price of U.S. West Texas Intermediate (WTI) crude rose $0.61, or 0.7%, to $80.95 a barrel after falling over 5% in the previous session to its lowest in nearly a week.
Meanwhile, gold held steady on Tuesday as investors monitored conflicting signals on possible U.S.-Iran talks and looked ahead to a slew of U.S. jobs reports for clues on the Federal Reserve's interest-rate path.
The spot price of gold was steady at $4,055.39 per ounce, while US gold futures rose 0.6% to $4,055.10.