Commodity markets traded mixed on October 12, with oil prices slipping on expectations of increased Russian supplies, while gold edged higher as investors assessed the proposed energy ceasefire, while escalating Middle East tensions kept inflation concerns in focus.
Oil prices slipped on Monday on expectations of more Russian supplies after US President Donald Trump said Ukraine and Russia had agreed to halt attacks on each other's energy facilities following a US diesel-supply deal with Moscow.
Brent crude futures fell $1.37, or 1.31%, to $103.35 a barrel while US West Texas Intermediate crude was at $90.55 a barrel, down $1.30, or 1.42%.
Gold edged higher as traders assessed US President Donald Trump’s claim of an “energy ceasefire” between Russia and Ukraine, even as risks of a widening conflict in the Middle East raised inflation concerns.
Bullion traded near $4,200 an ounce, after rising 1.3% last week. Trump said the truce between the warring nations was