Closing the session on July 29, Brent and WTI oil prices both increased.
Gold prices rose more than 1% after Fed Chairman Jerome Powell commented that the US central bank will not raise interest rates soon.
Brent oil futures rose $1.31, or 1.75%, to $76.05 a barrel.
WTI oil futures rose $1.23, or 1.7%, to $73.62 a barrel.
Data from Genscape shows that inventories in Cushing, Oklahoma, the gateway to the US WTI oil delivery, continued to decline. Inventories at Cushing were 36.299 million barrels on the afternoon of July 27, down 360,917 barrels compared to July 23.
The Cushing inventories were announced a day after the US Energy Information Administration (EIA) said inventories in the US fell 4.1 million barrels for the week ended July 23.
“Crude oil prices are still rising on the back of inventory data,” said Bob Yawger, director of energy futures in Mizuho, New York. The market also received a boost from the weakening USD and signals from Iran that there is no potential nuclear deal.
Brent oil price surpassed $75 per barrel for the first time in more than two years in June and fell in July because of concerns related to Delta mutations and the agreement to increase production from OPEC+.
The economic recovery momentum remains good despite the spread of Covid-19, the Fed said on July 28.
Gold prices on July 29 rose more than 1% after Fed Chairman Jerome Powell commented that the US central bank would not raise interest rates soon.
Spot gold on the New York Stock Exchange rose $20.4 to $1,827.9 per ounce, in one session touching $1,832.4 per ounce, the highest since July 15.
Gold futures rose 1.8% to $1,831.2 an ounce.
Spot gold price on the New York Stock Exchange on July 29.
Silver prices rose 2.8% to $25.62 an ounce.
Platinum rose 0.1% to $1,065.61 an ounce.