Oil prices ended the previous session on a firm ground, gathering support from the strong demand for crude coupled with the ongoing supply cuts led by OPEC and Russia scheduled to last through 2018. However, on account of soaring U.S. output, analysts expect prices to fall later in the year. U.S. West Texas Intermediate (WTI) crude futures were traded at $66.34 per barrel after rising by 20 cents or 0.3 percent. Brent crude futures closed at $70.49 per barrel. It should be noted that OPEC’s supply cuts, with the help of robust demand, contributed to a near 60-percent rise in crude prices since mid-2017.
Gold was traded in green zone. The precious metal has climbed by nearly 9% since mid-December boosted by a weak U.S. dollar and rising concerns over inflation due to the tax reform in the United States.
Gold expert, Kim Rickard stated in an interview that this was gold's breakout year. We were in the third bull market in recent decades. Rickard believes that a U.S. war with North Korea and the possible impeachment of the U.S. President Donald Trump might send gold prices skyrocketing.