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Crude Oil prices fell from four-year highs reached the previous session, pressured by rising US inventories and after sources said Russia and Saudi Arabia struck a private deal in September to raise crude output. Brent crude oil futures were trading at $85.85 per barrel, down 44 cents, or 0.5%, from their last close. Brent on Wednesday hit a four-year high of $86.74 a barrel. US WTI crude futures were down 30 cents, or 0.4%, at $76.11 a barrel.
NEW DELHI: Gold surged by Rs 555 to reach Rs 32,030 per 10 gram at the bullion market Wednesday, taking positive leads from global markets amid fresh buying by local jewellers.
US President Donald Trump has blamed the Organization of the Petroleum Exporting Countries (OPEC) for high crude prices and called on it to boost output to bring down fuel costs before the US Congressional elections on 6 November.
Global gold prices hit highest in more than a week on Wednesday as the dollar softened and demand for the safe-haven metal got a boost on concerns surrounding Italy’s plans to tackle budgetary deficit. Risk appetite was hit after European Union (EU) officials expressed concerns about Italy’s budget plan, which would widen the deficit significantly.
Spot gold edged 0.3 percent higher to $1,191.41 per ounce, having fallen to a more than six-week low of $1,180.34 on Sept. 28. U.S. gold futures rose 0.2 percent to $1,194.10.
Spot gold jumped 1.3 per cent to $US1,202.81 per ounce overnight, and was on track to post its biggest one-day percentage gain since August 24.
