- Gold traded narrowly higher in Asia on Tuesday with investors largely on the sidelines ahead of this week’s Federal Reserve meeting widely expected to hike interest rates.On the Comex division of the New York Mercantile Exchange, gold for February delivery inched 0.08% up to $1,064.20 a troy ounce.Crude oil prices in Asia on Tuesday failed to hold gains from the U.S. as investors continued to monitor massive over supply.
- On the New York Mercantile Exchange, WTI crude for January delivery fell 0.185% to $36.25 a barrel. Ahead on Tuesday, the American Petroleum Institute will release estimates ofU.S. crude and refined product stockpiles held last week. That will be followed Wednesday by more closely-watched figures from the U.S. Department of Energy.
- The once-deep discount for benchmark U.S. crude oil prices versus global rates is about to disappear for the first time since the rise of the shale oil boom, a sudden reversal that highlights the market’s ongoing flux. On Monday, U.S. West Texas Intermediate for delivery in March settled just 6 cents below global Brent crude for the same month, the narrowest gap since 2010. It was trading at more than $1 a barrel two days ago.
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