Oil prices are a little higher this morning. Brent crude oil futures for November delivery LCOc1 were up 5 cents at $53.73 a barrel while benchmark US West Texas Intermediate crude CLc1 advanced by 32 cents to $47.80. In the precious metals section, gold has retreated early Monday, after hitting its highest in over a year in the previous session. This comes as the dollar recovered a little from last week’s lows, and as the subdued geopolitical tensions dented safe-haven appeal.
Gold is retreating as the safe-haven demand fades. Spot gold is down 0.8 per cent at $1,335.10 an ounce while US gold futures for December delivery is down 0.9 per cent at $1,339.40 an ounce.