Crude oil prices trade near $95/bbl for third session amid hopes of US-Iran peace deal; COMEX gold up 0.4%

Oil prices were trading range-bound not exceeding $100 per bbl psychological mark amid the talks of a potential second round of negotiations between the two nations on the West Asia conflict and the US blockade at the Strait of Hormuz.

After opening at $94.33 per bbl on Wednesday, Brent crude oil prices hit an intraday high of $96.90 during the trading hours, while the day’s low level was at $93.93 per bbl, according to Investing.com data. Oil prices remained under $95 per bbl during the early market hours on Thursday.

The West Texas Intermediate (WTI) crude oil prices hit an intraday high og $93.27 per bbl on April 15, while the day’s low level was at $90.01 per bbl as the commodity futures opened around the $92 per bbl region.

Crude oil prices today

As of 7:30 am (IST), the Brent crude oil prices were trading 0.2% higher at $95.08 per bbl on Thursday, compared to $94.9 per bbl at the previous commodity market close, according to Investing.com data.

The US-based WTI crude oil prices were trading 0.21% higher at $91.48 per bbl on April 16, compared to $91.29 per bbl at the previous market close, according to the exchange data.

Will US-Iran extend ceasefire?

During the early market hours on Thursday, the White House denied reports that the United States has formally requested to extended the two-week ceasefire agreement which was implemented by President Donald Trump.

According to a BBC report, US Press Secretary Karoline Leavitt said that America “feels good” about the prospect of a deal but no date has been determined for further negotations on the front.

“We feel good about the prospects of a deal,” Leavitt told reporters at the White House. “It’s obviously in the best interests of Iran to meet the president’s demands.”

The latest developments in West Asia suggest that the US blockade of the key oil trading route, Strait of Hormuz remains implemented with the government reportedly saying that it is has been “fully implemented” with no signs of the duration for the same.

The news portal’s report also suggested that many ships in the region have allegedly turned off their trackers, jamming their signals or ‘spoofing’ the same in an attempt to hide their location in the key trading passage.

However, the situation still remains uncertain in West Asia as Iran’s control over the key shipping route has the potential to disrupt global oil trade.

“Iran’s powerful armed forces will not allow any exports or imports to continue in the Persian Gulf, the Sea of Oman and the Red Sea,” Major General Ali Abdollahi, who leads the military joint command that oversees Iran’s army and Revolutionary Guards told New York Times.

Gold prices today

The New York Mercantile Exchange-based COMEX gold prices were trading 0.44% higher at $4,844 per ounce as of 10:07 pm (EDT) on Wednesday, April 15, compared to $4,823 at the previous commodity market close, as per the official data.

The gold prices were trading higher on Thursday’s (India time) market due to a lower dollar rate, and renewed demand for precious metals. When the dollar rate is lower in the market traders are able to buy more quantities of gold at the same price hence fuelling the demand for the commodity.

Data collected from the Bloomberg US Dollar Spot Index showed that the greenback was trading 0.03% lower at 98.024 as of 10:08 pm (EDT) on April 15, compared to the previous market close level.

In India, MCX gold prices closed 0.03% or ₹50 per 10 grams higher at ₹1,53,998 per 10 grams after Wednesday’s trading session, compared to $153,948 per 10 grams at the previous market close, according to the exchange data.