Oil Prices Dip Amid Diplomatic Hopes, Boosting Rupee and Gold

Times of India - Business · business

Oil prices experienced a decline on Wednesday, falling by 2.8% to just above $100 per barrel, as hopes for a diplomatic resolution to the US-Iran conflict increased following the Democratic party's performance in the mid-term elections. This drop in crude prices positively impacted the Indian rupee, which strengthened by 10 paise to close at 94.65 against the dollar, marking a two-week high. Concurrently, gold prices surged approximately 3%, heading for their largest daily gain since mid-August, with spot gold reaching $4,040 per ounce.