West Texas Intermediate (WTI) US Oil drops 2.55% on Tuesday, trading around $59.80 at the time of writing. Crude Oil prices come under pressure after reports that the Organization of the Petroleum Exporting Countries and its allies (OPEC+) plan to increase production starting in December.
The mood on metals has been positive in recent weeks, with Copper trading near all-time highs and other metals also rising. A supportive macro backdrop, falling US dollar, rate cuts and low inventories have lifted metals prices, ING's commodity expert Ewa Manthey notes.
Gold (XAU/USD) retreats on Friday, trading around $4,050 per ounce at the time of writing, down 1.75% for the day, as renewed demand for the US Dollar (USD) and profit-taking weigh on the yellow metal.