The optimism of the Oil and Petroleum Exporting Countries (OPEC) for revival of energy demand in major economies pushed oil prices to a near-10-month high on September 13.
As a result, Brent futures climbed $1.42, or 1.6 percent, to settle at $92.06 a barrel, while WTI crude settled at $88.84, up $1.55, or 1.8 percent.
Despite closing at their highest levels since November 2022, both the benchmarks were technically overbought for the eighth straight day.
As investors await US inflation data that could affect the Federal Reserve interest rate expectations, gold prices fell on September 13 despite trading above a more than two-week low hit in the previous session.
As of 0308 GMT, spot gold was down 0.2 percent to $1,908.70 an ounce after touching its lowest level since August 25 of $1,906.50. Spot gold futures fell 0.2 percent to $1,931.10.
Also Read | Oil prices hover near 10-month high on supply concerns
With energy prices on the rise, expectations are for the headline inflation figures to come in stronger.
In terms of rate hikes, the US Consumer Price Index (CPI) data due at 1230 GMT may provide some insight.
The European Central Bank also expects inflation to remain above 3 percent next year, bolstering the case for a tenth consecutive interest rate hike.
With Inputs from Reuters
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