Commodity markets traded mixed on October 21 as oil prices rose due to Middle East supply risks. Brent crude futures rose 85 cents to $109.64 per barrel. Meanwhile, gold held its decline, trading at $4,115 an ounce. Traders remain cautious as shipping risks and inflation concerns continue to impact global markets.
Commodity markets traded mixed on October 21, with oil prices edging higher amid concerns over potential supply disruptions in the Middle East, while gold held its decline. Oil prices edged higher on Wednesday on Middle East supply concerns, with traders wary of Red Sea shipping risks and threats to oil infrastructure in Saudi Arabia. Brent crude futures rose 85 cents, or 0.78%, to $109.64 per barrel. US West Texas Intermediate (WTI) crude rose 76 cents, or 0.78%, to $98.58 per barrel. Gold held a decline as conflicting signals on efforts to end the Iran war clouded the outlook for inflation and the Federal Reserve's path for interest rates. Bullion was trading at around $4,115 an ounce, after falling more than 1% since the start of the week. Among other precious metals, silver was down 0.1% at $57.88. Platinum and palladium also edged lower. The US dollar remained under pressure on Wednesday after slipping to a three-week low in the previous session, as a dip in Treasury yields and crude oil prices reduced the currency's appeal. The US dollar index, which measures the currency against six peers, was steady at 101.78 after declining 0.2% on Tuesday.