Oil Surges Ahead of Fed Decision as Crypto and Metals Suffer
Crude oil prices continued their upward trend on Monday as global markets anticipated the Federal Reserve's interest rate decision, due later this week.
The Brent crude price rose by 2.75% to $107.48, while West Texas Intermediate gained 2.51% to $102.56.
In contrast, Bitcoin, gold, silver, and copper experienced losses, with the total market capitalization of all cryptocurrencies falling 4.32% to $2.62 trillion over a 24-hour period.
The surge in oil prices is attributed to supply chain disruptions caused by drone attacks on Saudi Arabia's East-West pipeline, which has led to concerns about up to 4% of global oil supply being affected.
Metals traders are closely watching the Fed's decision, with gold easing 0.22% to $4,340.58 and silver losing 0.25% to $64.11.