Oil Prices Extend Weekly Declines as Gold Silver Retreat
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MENAFNBrent crude, the international oil benchmark, dropped 1.96% to $90.7 per barrel, extending its losses over the past week to 12.4%, according to market data available at 0820GMT.
US West Texas Intermediate (WTI) crude also declined, slipping 1.8% to $85.3 per barrel and bringing its weekly losses to 11.49%.
European natural gas prices followed the downward trend, falling 0.88% to €81.77 ($91.9) per megawatt-hour.
Precious metals also moved lower, with spot gold losing 0.55% to trade at $4,117.79 per ounce. Despite the latest decline, the metal maintained a weekly increase of 4.79%.
Silver prices fell 1.04% to $52.84 per ounce, while retaining a weekly gain of 6.17%.
The latest weakness in energy markets came after US President Donald Trump indicated that additional military action against Iran appeared less likely if progress continued in nuclear negotiations and efforts to restore navigation through the Strait of Hormuz.
Increased oil production among OPEC members, combined with declining concerns about potential disruptions to energy supplies from the Middle East, also contributed to the decline in crude prices.
Meanwhile, gold and silver faced selling pressure as investors secured profits and adopted a cautious stance ahead of important US inflation figures. Uncertainty surrounding the Federal Reserve's future interest rate decisions also weighed on precious metals.
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