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Oil prices climbed on Tuesday.
The West Texas Intermediate for February delivery gained 90 cents, or 1.51 percent, to settle at 60.34 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for March delivery added 98 cents, or 1.53 percent, to settle at 64.92 dollars a barrel on the London ICE Futures Exchange.
Crude futures settle higher
Gold and silver futures surged to new historic highs on Tuesday, driven by heightened safe-haven demand as geopolitical tensions intensified.
On the New York Mercantile Exchange (NYMEX), the most-active February gold futures contract soared past 4,760 U.S. dollars per ounce during the session, while March silver futures climbed above 95 U.S. dollars per ounce, with both metals sustaining strong gains by market close, setting fresh all-time peaks.
Analysts attributed the rally to escalating geopolitical crises, which spurred investors to seek refuge in precious metals.
The sustained upward momentum reflects broad market concerns over global instability and its potential economic impact, analysts said.
Gold, silver futures hit record highs on safe-haven demand
Gold, silver futures hit record highs on safe-haven demand
