Oil eases from six-month high as Saudi defence minister holds talks in Tehran; gold back above $4,000
Brent crude was down 0.8% at $115.81 a barrel late on Monday afternoon in Europe after briefly topping $117. Spot gold rose back above $4,000 an ounce after Friday's lowest level since July.
Oil prices fell on Monday 26 October from last week’s highest levels in nearly six months, as Saudi Arabia’s defence minister held talks with Iranian leaders in Tehran.
Brent crude futures were down 0.8% at $115.81 a barrel and US West Texas Intermediate down 1.2% at $101.99 at the European market close (about 16:30 GMT), Sharecast reported. Brent had briefly risen above $117 earlier in the session, CNBC said. Brent settled at $116.72 on Friday.
CNBC reported that Saudi Defence Minister Prince Khalid bin Salman met Iranian President Masoud Pezeshkian and Supreme National Security Council Secretary Mohsen Rezaei on Monday, with Pakistan’s army chief Asim Munir and Turkish intelligence head Ibrahim Kalin also taking part. Qatari mediators travelled to Tehran on Sunday, Reuters reported.
The Houthis in Yemen said on Monday they had fired missiles at Riyadh’s international airport and launched drones at oil pumping stations; Saudi Arabia had not confirmed those strikes, CNBC reported.
Spot gold rose 0.5% to $4,014.49 an ounce as of 09:24 GMT, after falling to $3,975 on Friday, its lowest level since 20 July, Reuters reported. Traders priced an 80% chance of a US rate rise in December, according to the CME FedWatch tool cited by Reuters.
See also: Brent settles at $116.72 on Friday.
Sources
- Oil ticks lower as Saudi defense minister meets with Iran's president in Tehran to de-escalate · CNBC
- Europe close: Stocks gain as investors eye central bank meetings, oil retreats · Sharecast
- Gold gains as oil slide cools some inflation concerns · Reuters (via The Hindu BusinessLine)
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