Oil slips through near-term support; sellers test control
Crude oil dropped below its 100-hour moving average and swing area support, with sellers eyeing a potential downside target at $88.77.
Crude oil dropped below its 100-hour moving average and swing area support, with sellers eyeing a potential downside target at $88.77.
Gold declined after Trump's comments on Iran and strong US PMIs, but renewed deal hopes and Strait of Hormuz reopening offer support.
Copper futures hit a record $6.95/lb on Sept 22, outpacing gold's flat 2026 amid supply tightness and AI demand.
Oil prices rose to a one-week high after Houthi strikes on Saudi Arabia, but gains were trimmed by reports of a potential US-Iran deal on the Strait of Hormuz.
Reuters sources report US-Iran discussions on a phased arrangement to reopen Hormuz and lift the blockade; crude dropped to $94.55, yields eased.
Morgan Stanley and Goldman Sachs warn a US diesel export ban could push gasoline prices up as refiners cut output, while Trump weighs the curb.
InvestingLive and Base Markets host a free webinar on October 13, 2026, covering gold trading, market noise, broker checks, and risk management.
Gold prices declined toward last week's lows as 10-year Treasury yields rose above 5.10%, pressuring the non-yielding metal.
Goldman cut its end-2026 gold forecast to $4,650/oz from $4,900, kept $5,400 target for 2027, citing central bank buying.
Russia's economy ministry cut 2026 gas output and LNG export forecasts as the EU prepares to halt purchases.
Brent settled up nearly 4% as diplomacy stalled, while diesel fluctuated on conflicting US export ban reports. US crude stocks rose unexpectedly.
The White House edges closer to a 90-day diesel export ban, with Trump reportedly ready to announce within days, despite cabinet opposition.
The White House dismisses a Politico report on a 90-day diesel export ban as 'fake news,' despite Trump's earlier comments.
U.S. crude inventories rose 2.969 million barrels, contrary to expectations for a decline. Gasoline and distillates fell.
Traders set a record for Brent put options, betting oil could fall to $70 by December. Prices have already dropped over 10% in eight days.