Oil prices rose amid reduced Russian production and supply fears
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Oil prices extended gains on Tuesday after a report showed Russian oil production fell short of quota and on fears of more supply disruptions, but gains were limited by worries that escalating trade tariffs could dampen global economic growth.
Brent crude futures were up 24 cents, or 0.32%, at $76.11 a barrel by 0447 GMT, while U.S. West Texas Intermediate crude rose 19 cents or 0.26% to $72.51.
Both contracts posted gains of near 2% in the prior session after three weekly losses in a row.
Bullion hits record high of $2,942.70 per ounce
Gold prices soared to a record high on Tuesday, as investors flocked to the safe-haven asset after U.S. President Donald Trump imposed fresh 25% tariffs on steel and aluminium imports, fuelling concerns of inflation and escalating trade war.
Spot gold rose 0.4% to $2,917.80 per ounce as of 0510 GMT after hitting a record high of $2,942.70 earlier in the session.
U.S. gold futures firmed 0.3% to $2,944.10.
Trump substantially raised tariffs on steel and aluminium imports on Monday to 25% “without exceptions or exemptions” in a move to aid the struggling industries. However, the tariff raise increased the risk of a multi-front trade war.
