US Crude Inventories Decline Sends Oil Prices Soaring

Commodity markets traded mixed on July 29, with crude oil prices rebounding sharply due to tighter US crude inventories.

Brent crude climbed $2.71 (3.2%) to $86.80 per barrel, while WTI crude gained $2.26 (3.4%) to $81.95 per barrel after data showed a 3.3 million-barrel decline in US crude stocks for the week ended July 24.

Gold prices eased slightly as investors remained cautious ahead of the US Federal Reserve's interest rate decision, with spot gold slipping 0.1% to $4,021.87 per ounce and U.S. gold futures for August delivery declining 0.4% to $4,021.70 per ounce.