Oil Prices Dip Amid Diplomatic Hopes; Gold Holds Steady
Commodity markets were mixed on September 23 as oil prices eased and gold remained steady. The price of Brent crude futures fell by 7 cents to $99.18 a barrel, while West Texas Intermediate futures decreased by 35 cents to $90.17 per barrel.
The decline in oil prices was attributed to Saudi Arabia's decision to restore crude supply through a key pipeline to the Red Sea and hopes for a diplomatic solution to the US-Iran war through talks at the UN in New York.
Gold, on the other hand, remained steady as traders monitored progress in talks between the US and Iran for clues on how energy costs will influence the Federal Reserve's path for interest rates. Bullion was trading around $4,360 an ounce after swinging between gains and losses on Tuesday before ending the session up 0.4%.
The dollar steadied near its strongest level in two months on Wednesday on prospects of interest rate hikes in the near term.