Oil prices drop in the international market following an easing in the economic war between the US and China after they reached an agreement on tarrif issue.
As per details, Brent crude futures dropped 22 cents, or 0.3 per cent, to $64.74 per barrel by 0248 GMT. US West Texas Intermediate (WTI) crude fell 18 cents, or 0.3 per cent, to $61.77.
Both benchmarks closed about 1.5 per cent higher on Monday at their steepest settlements since April 28. The gains come during a turbulent time for global oil markets.
On the other hand, gold prices on Tuesday were hovering near a more than one-week low hit in the previous session, as a US-China agreement to temporarily halt reciprocal tariffs boosted risk appetite, diminishing gold’s safe-haven appeal.
Spot gold held steady at $3,230.99 an ounce, as of 0309 GMT. Bullion recorded a 2.7 per cent decline in the previous session.
Meanwhile, global stock markets surged on Tuesday after the US and China agreed to slash steep tariffs for at least 90 days, tapping the brakes on a trade war between the world’s two biggest economies that had fed fears of a global recession.
