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Weekend roundup: Oil prices slide, gold gets a lift, dollar struggles

00:15 AM ET, New York: Here’s a roundup of the important market news from the weekend.


OPEC deal hints at output bump, oil prices slide

Over the weekend, Brent crude prices fell at least 1.5% with traders expecting output to climb – something that was discussed in the Vienna HQ of the Organization of the Petroleum Exporting Countries (OPEC) last Friday.

Crude oil rig
Photo Courtesy: Pxhere

The international benchmark, Brent crude futures, fell to about $74.2 a barrel at 03:45 GMT (Monday morning in the time zone), 1.8% lower than the previous close. WTI crude (US West Texas Intermediate) futures slipped 0.3% to $68.4 per barrel with falling US drilling activity.

Picture Courtesy: Pixabay

Gold gets dearer as US-EU tensions gain momentum

The Euro is keeping Dollar at bay, as the US currency finds it harder to hit its 11-month high. The trade tensions between the Union and the US further lifted bullion rates, as spot gold inched 0.3% higher to about $1,271.8 per ounce as of 00:59 GMT (Monday morning in the time zone.)

US President Donald Trump imposed a 20% tariff on all US imports of cars assembled in the EU. As the rest of the world waits for the response from the European Union, dollar-denominated gold saw lower prices than its international counterparts.

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