Oil prices in the international market continued to climb on Tuesday, supported by growing optimism around global trade and geopolitical developments.
Brent crude rose by 24 cents, or 0.34 per cent, to reach $70.28 a barrel by 0000 GMT. Meanwhile, US West Texas Intermediate (WTI) crude increased by 22 cents, or 0.33 per cent, to $66.93 a barrel.
The gains followed a strong session on Monday, when both benchmarks closed over 2 per cent higher. Brent also hit its highest level since July 18.
The upward trend in prices came after a trade agreement between the United States and the European Union eased fears of a broader trade conflict. Although the deal includes a 15 per cent tariff on most EU imports, it averted a full-scale trade war that could have disrupted nearly one-third of global trade and weakened oil demand.
Meanwhile, gold prices were little changed on Tuesday, trading close to a three-week low, as easing concerns over a global trade war and a firmer US dollar reduced the metal’s safe-haven appeal.
As of 0401 GMT, spot gold was steady at $3,311.33 per ounce, after touching its lowest level since July 9 during the previous session. US gold futures were flat at $3,310.80.
“Gold prices around $3,300 are still drawing interest from buyers. However, short-term pressures from trade agreements and a stronger dollar are weighing on the market. Still, there’s potential for gains in the longer term,” said Tim Waterer, Chief Market Analyst at KCM Trade.
Among other precious metals, spot silver fell 0.2 per cent to $38.09 per ounce. Platinum rose 0.6 per cent to $1,397.80, while palladium dropped 1.9 per cent to $1,223.02.
