Commodity Market: Oil recovers on tight supply concerns, gold prices rise

Price of oil rebounded as markets turned their attention back to tighter crude supply outlooks.

With demand expected to remain robust through 2024, oil prices rebounded on September 14 as markets shifted their focus to tighter crude supply outlooks. At 0300 GMT, Brent crude futures rose 36 cents, or 0.4 percent, to $92.24 a barrel. The West Texas Intermediate crude (WTI) rose 35 cents, or 0.4 percent, to $88.87 per barrel.

Saudi Arabia and Russia's extension of oil output cuts to the end of 2023 will mean a substantial market deficit through the fourth quarter, the International Energy Agency (IEA) said on September 13, as it largely stuck by its estimates for demand growth in 2023 and 2024.

Separately, gold prices crawled higher on September 14 from nearly three-week lows as investors anticipate a pause in interest rate hike at the US Federal Reserve's policy outcome on September 20.

Spot gold added 0.2 percent to $1,909.21 per ounce by 0318 GMT, having hit its lowest level since August 25 on September 13 at $1,905.10.

In August, consumer prices in the US increased at the fastest rate in 14 months due to rising energy prices. However, the 'core measure, which excludes volatile food and energy items, remained on its meandering path toward the Federal Reserve's target of 2 percent inflation.

(With agency inputs)