Gold and Oil Prices Gain – 26 December, 2019

Oil prices were up to their highest in three months on lower U.S. crude inventories and optimism in trade negotiations between the U.S. and China. International Brent crude futures were up 72 cents or 1.07% to $67.92 per barrel. U.S. West Texas Intermediate crude futures were up 57 cents or 0.93% to $61.68 per barrel. U.S. crude stocks dropped more than expected by analysts at 7.9 million barrels last week, while efforts to curb global production by OPEC will be extended int0 2020 with cutes estimated to be around 2.1 million barrels per day, 2% of global demand. In precious metals, gold prices were up to a two month high at $1,510.98 per ounce.