Oil Prices Decline, Gold Rises: Market Update

The benchmark U.S. crude oil for February delivery experienced a drop of $1.27, settling at $70.38 per barrel on Tuesday. Similarly, Brent crude for March delivery fell $1.15 to $75.89 per barrel.

Oil Market Trends

Wholesale gasoline for February delivery also witnessed a decline of 2 cents, reaching $2.09 per gallon. On the other hand, February heating oil remained unchanged at $2.53 per gallon. However, February natural gas experienced a rise of 6 cents, reaching $2.57 per 1,000 cubic feet.

Gold and Precious Metals

In the precious metals market, gold for February delivery saw a slight increase of $1.60, settling at $2,073.40 per ounce. Conversely, silver for March delivery witnessed a decline of 14 cents, reaching $23.95 per ounce. Additionally, March copper fell 1 cent to $3.88 per pound.

Foreign Exchange Rates

The dollar strengthened against the Japanese yen, rising to 141.98 yen from 140.88 Japanese yen. Conversely, the euro experienced a decline, falling to $1.0946 from $1.1042.