Commodity Capsule: Brent crude oil climbs to two months high; gold soars; copper price fell
Markets widely expect the US Fed to stand pat on rates at its two-day policy meeting that starts later in the day, but attention will largely be on comments from Powell on Wednesday.
Commodity Capsule: Oil prices bounced back on Tuesday, following a more than 1 per cent drop the previous session, Escalating geopolitical tensions in the Middle East fuelled supply concerns Washington vowed to take "all necessary actions" to defend its troops following a deadly drone attack in Jordan by Iran-backed militants Iran exported 1.2-1.6 million barrels per day of crude oil through most of 2023 representing 1-1.5 per cent of the global oil supply. Brent crude futures rose past $82/barrel. US West Texas Intermediate crude rose to $77 a barrel Both contracts fell on Monday amid a deepening real estate crisis fueling worries about demand from China, after the Hong Kong court ordered the liquidation of property giant Evergrande Group.
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