Commodity Corner: Oil prices ease, gold steady as US-Iran talks in focus

New business data points to the fact that Commodity markets traded mixed on September 23, with crude prices drifting softer as Saudi Arabia began restoring crude supply through a key pipeline to the Red Sea, while gold remained steady as traders monitored the US-Iran talks for cues on energy costs and the The US central bank’s interest-rate path.

Crude prices drifted softer on Wednesday as Saudi Arabia began restoring crude supply on a critical pipeline to the Red Sea and on hopes for a diplomatic solution to the US-Iran war through talks at the UN in New York.

Brent crude futures declined 7 cents, or 0.07%, to $99.18 a barrel while West Texas Intermediate futures declined 35 cents, or 0.39%, to $90.17 per barrel.

In precious metals, gold was steady as traders monitored progress in talks between the US and Iran for clues on how

energy costs will influence the The US central bank’s path for interest rates.

Bullion was trading around $4,360 an ounce, after swinging between upside and losses on Tuesday before ending the session up 0.4%.

Silver advanced 0.5% to $67.40 an ounce, after gaining 1.6% the day before. Platinum and palladium edged elevated.

The dollar steadied near its strongest level in two months on Wednesday on prospects of interest rate hikes in the near term, while easing crude prices on hopes for a diplomatic breakthrough to end the Middle East war kept market participants on edge.