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Oil prices experienced a slight rise on Friday, with Brent futures up 1.4% to $64.23 and WTI up 1.5% to $60.95. However, both benchmarks are set to decline for the second consecutive week due to concerns over the US-China trade war, which is expected to impact global trade volumes and economic growth. Analysts warn that ongoing tensions and a potential increase in supply at the upcoming OPEC+ meeting could further pressure prices.
Oil prices rebounded slightly after hitting multi-year lows, with Brent futures at $69.69 and WTI at $66.70. However, tariff uncertainties and increased supply from major producers continue to weigh on the market, as US crude inventories rose significantly, indicating weak demand.
Gold prices are experiencing upward momentum due to safe-haven demand amid geopolitical tensions and uncertainty surrounding the US Presidential election. Analysts predict a potential rise to $3,000/oz over the next year, supported by macroeconomic factors and ongoing investor interest, despite some recent profit-taking in major Australian gold stocks. Notably, while mine production is set to reach record levels in 2024, central bank purchases have slowed, and high prices are impacting jewellery demand, particularly in India.
Daniel Hynes
People
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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