Crude Oil Gains In Thin Trade; Headed For An Annual Decline; Gold Prices Off Highs For The Year

International crude oil prices settled more than one per cent higher in the previous session, logging a weekly gain in low trading volume ahead of year-end. This was buoyed by a larger-than-expected drawdown from US crude inventories last week. Optimism over Chinese economic growth has also sparked hopes of higher demand next year from the top oil-importing nation.

Brent crude futures rose 91 cents, or 1.2 per cent, to settle at $74.17 per barrel. US West Texas Intermediate crude futures rose 98 cents, or 1.4 per cent, to $70.60 per barrel. On a weekly basis, both Brent and WTI crude gained about 1.4 per cent. Back home, crude oil futures settled 0.17 per cent higher at ₹6,045 per barrel on the multi-commodity exchange (MCX).

Gold prices rose as conflict in the Middle East lifted bullion’s safe-haven appeal. Spot gold rose 0.1% to $2,622.93 per ounce, while US gold futures gained 0.2% to $2,637.30.

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