Mubasher: Oil prices declined on Wednesday amid a rise in U.S. crude reserves within a week.
The U.S. reserves increased by 7.1 million barrels to 506.2 million in the week ended 19 February, according to the data released by the American Petroleum Institute on Wednesday.
Mohammed Al-Harami, oil industry expert, said oil markets were impacted by the statement of Saudi oil minister.
Ali Al-Naimi said Tuesday producers will hopefully meet in March to negotiate an output freeze, but production cuts will not happen.
On the other hand, Gold prices increased to $1225.6.
Rajab Hamid, mineral market expert, said gold became qualified to complete its uptrend especially after rising above the $1,200 and amid investors’ focus on the precious metal since year-start.
Silver fell 0.3% to $15.24, while platinum dropped 0.7% to $913.50. Meanwhile, palladium rose 0.04% to $498 per ounce.
