4/11/2016, 11:04 AM (Source: TeleTrader)
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Oil struggles for gains, gold heading up for 1%

Oil prices saw a certain rise at the start of the European trading day on Monday, after slowly declining throughout Asian trading hours, ahead of the meeting of major oil producers from OPEC and Russia in Doha, Qatar on April 17.

The U.S. light sweet crude West Texas Intermediate traded 0.60% lower at $39.48 a barrel, while international benchmark Brent fell 0.60% to $41.69 a barrel at the ICE Europe by 11:01 a.m. CET.

The Organization of the Petroleum Exporting Countries reported the daily OPEC basket price of 13 crudes at $36.01 a barrel on Friday, compared with $34.71 the previous day.

Meanwhile, gold spot price rose 0.69% to $1,247.55 per troy ounce, mostly on safe-haven search by investors to avoid stock volatility. Other precious metals seem to have followed the suit: silver rose 0.92% to $15.480 per fine ounce; platinum added 0.66% to $972.36 per fine ounce; palladium rose 0.44% to $542.90 per fine ounce.

The U.S. dollar index edged down 0.01%, to trade 0.27% higher against the Swiss franc, 0.06% compared to the euro, up 0.03% versus the strong Japanese yen, while falling 0.55% against the U.K.

Breaking the News / ZR