Washington, March 31 (SANA) Oil prices rose for a fourth consecutive session on Tuesday, driven by supply disruptions, while gold advanced as the dollar weakened, despite heading for its worst monthly performance in years.
Oil prices continued their upward trend, supported by supply constraints linked to ongoing market disruptions. Brent crude futures for May delivery rose 0.3 percent to $113.17 per barrel, marking their highest level since March 19.
As the May contract approached expiry, the more actively traded June contract stood at about $108.96 per barrel. U.S. West Texas Intermediate (WTI) crude for May delivery also gained 0.3 percent, reaching $103.24 per barrel, its highest level since March 9.
The rally has been fueled by reduced supply flows, including the effective closure of key transit routes for energy shipments. Brent has climbed roughly 59 percent since the beginning of March, marking its largest monthly increase on record, while WTI has risen about 58 percent over the same period, its strongest monthly performance since May 2020.
Gold prices moved higher during Tuesday’s trading, supported by a weaker U.S. dollar, which makes dollar-denominated commodities more attractive to holders of other currencies.
Spot gold rose 1.2 percent to $1,564.21 per ounce, while U.S. gold futures for April delivery gained 0.7 percent to $1,558.90.
Despite the daily gains, gold remains under pressure on a monthly basis, having lost about 14 percent since the start of March, putting it on track for its sharpest monthly decline since October 2008. The drop has been linked to elevated energy prices, which have reduced expectations for U.S. interest rate cuts this year.
Other precious metals posted modest increases. Silver rose 1.2 percent to $70.81 per ounce, platinum gained 0.1 percent to $1,901.95, and palladium advanced 1.1 percent to $1,421.45.
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