Wednesday, July 24, 2024

Oil and gold rise as occupation of Gaza continues Economy


Crude oil prices rose in Thursday’s trade, while gold futures rose. This comes in light of continued aggression against Israel Gaza stripThe occupation army has carried out intensive bombings that have killed more than 9,000 Palestinians and injured more than 22,000, in light of fears that the conflict could spread to other parts of the oil-rich and restricted Middle East. Important global corridors.

In Thursday’s trade, US West Texas Intermediate crude rose 0.9% to $81.2 a barrel for next December, while Brent crude, the international oil standard, rose 0.9% to $85.41 a barrel. Next January..

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Meanwhile, sources said oil traders will pay the price for annual supplies of most Middle East crude in 2024 due to supply concerns from the region after the Israeli occupation of Gaza led to heightened geopolitical tensions.

Most of the annual contracts to buy Middle Eastern crude oil ended earlier in the week, a month after clashes between Israel and Palestinian resistance erupted, raising fears of a wider conflict in the region. The Middle East accounts for about a third of production, leading to fluctuations in global oil prices.

Fluctuations in oil markets may have led to higher prices for some commodities sold in these annuity contracts, a trader said.

Gold prices rose $6 an ounce in Thursday’s trade for delivery next December (Shutterstock).

Gold rises

In Thursday’s trade, gold prices rose as the dollar weakened after the US Federal Reserve (Federal Bank) announced its decision to keep interest rates on hold.

In market trade on Thursday, the dollar index against other major currencies fell to 105.81 points.

In early New York trading, the dollar later rose to 106.12 points, 0.72% below its level on Wednesday.

See also  Falling oil prices

Gold rose $6 an ounce on Thursday to reach $1,993.50 an ounce next December.

Silver also rose to $22.846 an ounce the following December, while copper rose to $3.6725 a pound the following December.

On Wednesday, the Federal Reserve kept the key interest rate at 5.25% to 5.5%, in line with expectations.

Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

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