Oil Prices Snap Two-Week Streak as Gold Steadies Near $4,600 Ahead of Fed Speech

Commodity markets experienced mixed trading on August 28, as oil prices fell despite gains in the previous session. Oil prices dropped after a two-week winning streak, with Brent crude futures down 25 cents, or 0.3%, to $89.45 a barrel and West Texas Intermediate crude futures falling 22 cents, also 0.3%, to $83.31.

The decline in oil prices comes despite the previous session's gains following a report that U.S. President Donald Trump is not interested in returning to previous deal terms with Iran. As a result, both benchmarks are poised to end the week lower, with Brent down 5.3% and WTI falling 4.3%.

In contrast, gold steadied near $4,600 an ounce as investors weighed the outlook for US interest rates ahead of a key speech by Federal Reserve Chairman Kevin Warsh. Bullion was little changed after adding 0.2% in the previous session but remained on track for its biggest monthly gain since 1999.