Energy news

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Oil lower on China concerns, gold pops

Oil edges lower Crude prices edged lower after as China continues to struggle with COVID. Bets that China will reopen soon are losing momentum as cases jumped in Guangzhou and other key Chinese cities. Brent crude is still close to the $100 a barrel level for now and it seems short-term risks to supplies have traders looking for a bullish move higher. Gold powers higher Gold had a great day as the dollar tumbled ahead of the midterm elections and a pivotal inflation report.

08-11-2022 15:01 GMT by Edward Moya

Oil prices ease, gold eyes inflation

Oil pares gains as China Covid cases jump Oil prices are easing a little on Tuesday, a day after Brent crude came within a whisker of $100 again. It's traded below this major psychological level since July but recent developments have propelled the price higher again, up more than 20% from the September lows. OPEC+ had a big hand to play in that but speculation around China's zero-Covid commitment may also be a factor in recent gains.

08-11-2022 04:08 GMT by Craig Erlam