Commodity markets traded mixed on October 13, with oil prices edging lower after surging nearly $2 a barrel in the previous session, while, gold held on to its losses as the escalating conflict in the Middle East heightened concerns over energy supply disruptions.
Oil prices edged lower on Tuesday after climbing by nearly $2 a barrel in the previous session, as traders assessed supply risks from attacks on Saudi Arabia while weighing the prospect of additional diesel supplies from Russia.
Brent crude futures fell 61 cents, or 0.57%, to $106.04 a barrel while US West Texas Intermediate crude futures were down 47 cents, or 0.5%, at $93.27 a barrel.
Brent futures settled at $106.65 a barrel on Monday, the highest since September 15.
Gold held a loss as the spreading conflict in the Middle East stoked fears that further energy supply disruptions could keep inflation elevated and increase the prospects for interest-rate hikes.