Oil prices drop globally, gold rises

Economy

Published: 2021-08-30 16:47

Last Updated: 2021-10-19 04:43


Oil prices drop globally, gold rises
Oil prices drop globally, gold rises

Monday, oil prices fell after being at their highest level in four months.

The decline comes with the developments of Hurricane Ida, which caused the suspension of production of about 1.75 million barrels of crude oil.

US crude oil fell by 1.4 percent to the level of $67.70, according to Wall Street Journal.

In turn, Brent crude fell by 0.9 percent to $72.02 a barrel, from the opening level at $72.66.

Seperately, gold prices rose in the US global market Monday, extending its gains for a third day, and recording its highest level in four weeks.

This happened after the decline of the US dollar against a basket of global currencies.

According to Wall Street Journal, gold prices rose by 0.3 percent to $1,823.20, which is the highest they've been since Aug. 4.

Russia's reserves of gold and foreign exchange have risen towards the level of $600 billion.

According to data from the Russian Central Bank, Russia's international reserves rose by the end of Aug. 20 by $1.8 billion and amounted to $595.6 billion, compared to reserves on Aug. 13, which amounted to $593.8 billion.