Oil Prices Plunge; Gold and Silver Advance

Deep News05-21 11:25

On Wednesday in the U.S., international oil prices fell significantly, easing investor concerns over rising U.S. energy costs and potential further monetary policy tightening. In the precious metals sector, international gold prices edged higher on Wednesday, influenced by a weaker U.S. dollar.

International oil prices dropped sharply by over 5% on the 20th. Remarks by U.S. President Trump regarding negotiations with Iran being in their final stages fueled market hopes for a de-escalation in Middle East tensions, leading to a substantial decline in oil prices on Wednesday. At the close, the July delivery light crude oil futures contract on the New York Mercantile Exchange settled at $98.26 per barrel, down 5.66%. The July delivery Brent crude oil futures contract on the London ICE Futures Europe exchange settled at $105.02 per barrel, down 5.63%.

International gold and silver prices rose on the 20th. The June delivery gold futures contract on the New York Mercantile Exchange was quoted at $4,535.30 per ounce, up 0.53%. The July delivery silver futures contract was quoted at $76.181 per ounce, up 1.36%.

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