Oil prices experienced a slight rebound on Thursday, following two days of declines. The increase was primarily driven by a larger-than-expected drop in U.S. crude inventories, providing some much-needed support to the markets.
Brent crude futures rose by 38 cents to $60.34 a barrel, while West Texas Intermediate (WTI) crude climbed to $56.36 a barrel, up 37 cents, or 0.7%. Both benchmarks had fallen by over 1% for two consecutive days amidst market expectations of ample global oil supplies throughout the year.
Meanwhile, gold prices fell on Thursday, pressured by a stronger dollar. Investors are keenly awaiting a key jobs report, which could offer further insights into the direction of monetary policy in the United States.
Spot gold decreased by 0.3% to $4440.67 an ounce, retreating from its highest level in over a week reached in the previous session. U.S. gold futures for February delivery also fell by 0.3% to $4449.6 an ounce.
The U.S. dollar remained stable on Thursday, amid heightened geopolitical tensions and as investors assessed a range of economic data while anticipating the release of the crucial jobs report on Friday.
The dollar index, which measures the performance of the U.S. currency against a basket of six major currencies, held steady at 98.737, on track for a slight weekly gain.
