Global oil and gold prices rose during morning trading, today, Tuesday, with a downward trend in the US dollar index, after the decision to extend the voluntary cut in oil production, in addition to investors’ anticipation of the monthly minutes of the Federal Reserve meeting.
And by 07:30 am GMT, the price of benchmark Brent crude futures rose by 0.66%, to record $75.09 a barrel.
The price of US crude futures rose by 0.47% to reach the level of $70.12 per barrel.
And the recovery in oil prices came in the morning of trading today, after its decline yesterday, after Saudi Arabia, the largest exporter in the world, announced the extension of the voluntary reduction in production to include the month of August.
This dispelled the impact of fears of a slowdown in the global economy and the prospects for the US Federal Reserve to raise interest rates.
Also, Russian Deputy Prime Minister Alexander Novak said, on Monday, that his country will reduce its oil exports by 500,000 barrels per day in August 2023.
At the same time of today's trading, the price of gold futures rose by 0.24% to reach the level of $1926.13 an ounce.
The dollar index declined slightly against the major currencies, by 0.02%, at 103.02 points.
It is noteworthy that investors are awaiting the issuance of the minutes of the Federal Reserve meeting tomorrow, Wednesday, after its decision to fix the interest rate last month, amid increasing expectations to raise it by 25 basis points during the meeting at the end of this July.
