Singapore: Oil prices fell for a second consecutive session on yesterday amid growing concerns over a potential supply surplus, driven by rising crude and fuel inventories.
Brent crude futures were down 13 cents, or 0.21%, at $62.32 a barrel, after falling 1.1% in the previous session. US West Texas Intermediate crude lost 12 cents, or 0.20%, to trade at $58.52 a barrel, after dropping 1.2% on Tuesday.
Meanwhile the gold regained ground yesterday following a 1% drop in the previous session. Spot gold rose 0.1% to $4,212.50 per ounce, after falling more than 1% in the previous session. US gold futures for December delivery were up 0.7% at $4,250.80 per ounce.
Elsewhere, silver fell 0.2% to $58.32 per ounce, platinum lost 0.4% to $1,631.10, while palladium lost 0.6% to $1,458.83. The US dollar held steady as investors shifted their focus to other currencies, amid growing expectations that potential US interest rate cuts next year could pressure the greenback.
The Australian dollar touched its highest level in three weeks at $0.6576 during morning trading before easing slightly after GDP data came in a bit lower than expected. The euro was traded at $1.1629 in early Asian session trading.
The Japanese yen held steady at 155.70 per dollar, with expectations rising for an interest rate hike this month, unlike the United States, where markets are 85% confident that the Federal Reserve will cut rates next week.
