2023-11-02 23:56:32
Crude oil futures prices rose in Thursday trading, while gold futures prices increased. This comes in light of the continued Israeli aggression once morest Gaza stripThe occupation army launched intense bombardment, leading to the death of more than 9,000 Palestinians and the wounding of more than 22,000 others, in light of fears that the conflict will expand to include other regions in the Middle East, which is rich in oil and controls important global corridors.
In Thursday’s trading, the price of US West Texas Intermediate crude rose by 0.9% to reach $81.2 per barrel for delivery next December, while the price of Brent crude, the international oil standard, also rose by 0.9% to reach $85.41 per barrel for delivery next January. .
Insurance bonuses
Meanwhile, sources said that oil traders will pay price premiums for annual supplies of most Middle Eastern crudes in 2024, due to concerns regarding supplies from the region following the Israeli aggression on Gaza led to escalating geopolitical tensions.
Most of the annual deals to purchase Middle Eastern crude oils were concluded at the beginning of the week, nearly a month following the outbreak of the conflict between Israel and the Palestinian resistance, which raised fears of the spread of the conflict in the region, which led to fluctuations in global oil prices, as the Middle East’s production represents a third. Global oil production.
One trader said that fluctuations in oil markets may have led to higher prices for some cargoes sold in these annual deals.
The price of gold rose in Thursday trading by $6 per ounce for delivery next December (Shutterstock)
Gold rise
In Thursday’s trading, gold futures prices rose as the dollar declined following announcing the decision of the US Federal Reserve (the central bank) to stabilize interest rates, and in light of crises and fears, investors resorted to buying gold as a safe haven.
In market trading on Thursday, the dollar’s value index once morest other major currencies fell to 105.81 points.
At the beginning of New York trading, although the dollar subsequently rose to 106.12 points, it remained 0.72% below its level on Wednesday.
The price of gold rose on Thursday by $6 to $1,993.50 per ounce for delivery next December.
The price of silver also rose to $22.846 per ounce next December, while the price of copper rose to $3.6725 per pound for delivery next December.
On Wednesday, the Federal Reserve kept the key interest rate at 5.25% to 5.5%, which was in line with expectations.
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