Oil Prices Drop as Gold and Dollar Fluctuate
Oil Market Update
The benchmark U.S. crude oil for February delivery experienced a significant drop of $3.04, closing at $70.77 per barrel on Monday. Similarly, Brent crude for March delivery fell by $2.64, settling at $76.12 per barrel.
Gasoline and Heating Oil
Wholesale gasoline prices for February delivery also witnessed a decline, dropping by 8 cents to $2.03 per gallon. Additionally, February heating oil decreased by 3 cents, reaching $2.58 per gallon.
Natural Gas Prices
On the other hand, February natural gas prices experienced a slight increase of 9 cents, closing at $2.98 per 1,000 cubic feet.
Gold and Precious Metals
The price of gold for February delivery saw a decline of $16.30, settling at $2,033.50 per ounce. Similarly, silver for March delivery dropped by 1 cent, closing at $23.31 per ounce. March copper, however, remained unchanged at $3.81 per pound.
Currency Exchange Rates
The dollar weakened against the Japanese yen, falling to 144.11 yen from 144.68 yen. Conversely, the euro strengthened against the dollar, rising to $1.0963 from $1.0943.
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