From Gulf Business: 2024-05-28 02:01:30

Oil prices rose in Asian trade on expectations of strong fuel demand from the US during the summer. Brent crude rose to $83.31 a barrel, while US WTI crude was at $78.90. The start of the summer driving season and upcoming OPEC+ meeting are providing price support.

Gold prices jumped 1% as investors reassessed bets of US interest rate cuts. Spot gold was at $2,355.60 per ounce after hitting a two-week low. Fed officials indicated a longer wait for inflation to reach 2%, impacting gold prices. Investors await the April PCE price index data for further clues.



Read more at Gulf Business: Gold, oil up by 1% as US Fed interest rate decision draws near