Oil fluctuates between Gulf and Ukraine; US dollar puts pressure on gold
According to Alhurra, oil prices rebounded after an early drop on Thursday driven by hopes of a ceasefire between Russia and Ukraine, rising again due to ongoing concerns over Middle East supply disruptions. Hossam Ayesh, an economic writer for Jordan's Al-Dustour newspaper, told Alhurra that ambiguity regarding the conflict with Iran keeps oil prices unstable with high market sensitivity. Brent crude futures rose 45 cents to $93.21 a barrel, while US West Texas Intermediate rose 27 cents to $86.80 a barrel. Meanwhile, the US dollar index climbed to a 19-month high of 103.02 due to growing expectations of a Federal Reserve rate hike following higher-than-expected inflation data. The stronger dollar and rate expectations also pressured gold, dropping spot prices by 1.4% to $3,931.54 per ounce.