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International oil prices slumped more than 3 percent on Tuesday, as concerns over geopolitical conflicts in the Middle East subsided.
The West Texas Intermediate for October delivery decreased by 2.65 U.S. dollars, or 3.12 percent, to settle at 82.36 dollars a barrel on the New York Mercantile Exchange. Brent crude for October delivery dropped 3.59 dollars, or 3.89 percent, to settle at 88.58 dollars a barrel on the London ICE Futures Exchange.
Crude futures settle lower
International gold and silver prices declined on Wednesday, as stronger-than-expected U.S. inflation data reinforced expectations of a Federal Reserve rate hike next month, boosting the dollar and pressuring precious metals.
On the New York Mercantile Exchange, gold futures for December delivery fell 0.88 percent to settle at 4,653.30 U.S. dollars per ounce, while silver futures for September delivery dropped 0.96 percent to close at 68.026 dollars per ounce.
The declines came after the U.S. personal consumption expenditures (PCE) price index for July, released on Wednesday, pointed to persistent inflationary pressures, prompting traders to increase their bets on a rate increase at the Fed's September meeting.
Gold, silver prices fall on US inflation data, rate hike bets
Gold, silver prices fall on US inflation data, rate hike bets
