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Commodities: Oil Drops Amid Renewed Peace Deal Hopes
Spot gold rose 0.4% to $4,055.36 an ounce as oil slid more than $4 a barrel on hopes for a U.S.-Iran agreement, Reuters said.
- On Monday, Gold prices rose as Oil slumped following President Donald Trump's decision to hold off attacks on Iran to pursue a deal regarding Tehran's nuclear ambitions and reopening the Strait of Hormuz.
- Trump said talks with Iran will happen on Monday but declined to set a deadline for an agreement, seeking a quick resolution to reopen the strategic waterway.
- Spot Gold rose 0.4% to $4,055.36 per ounce while Gold futures edged 0.2% higher, as the U.S. dollar weakened to its lowest since mid-June.
- UBS analyst Giovanni Staunovo said, "We are back to the previous correlation, with gold rising when crude oil falls," noting lower oil prices are reducing rate hike expectations.
- Three Federal Reserve officials expressed concerns on Friday that inflation will remain above the Fed's 2% target without immediate rate increases, while ADP employment data and nonfarm payrolls remain in focus this week.
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It fell by almost 5% compared to Monday’s closing. This is its lowest cost since July 13. More information: The Ibex 35 reaches a new milestone by exceeding 20,000 points for the first time in its history.
·Spain
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Oil picked up on Tuesday, with the Brent coming back under $80 and the WTI falling by more than 5%, led by the hope of an agreement allowing the reopening of the Strait of Ormuz.
·Paris, France
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ReformaReposted by 
elnorte.com
elnorte.comCrude prices fell by about 4% after Qatar and the US Treasury Secretary raised hopes for a diplomatic solution.
·Monterrey, Mexico
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Coverage Details
Total News Sources22
Leaning Left1Leaning Right6Center3Last UpdatedBias Distribution60% Right
Bias Distribution
- 60% of the sources lean Right
60% Right
C 30%
R 60%
Factuality
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