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The decline in oil futures is coinciding with signs of easing tensions in the Middle East.
Spot gold firmed 0.3% at $2,325.02 per ounce by 0218 GMT, after climbing over 1% in the previous session.
Snapping three days of losses, Brent crude futures for July gained 21 cents, or 0.3%, to $83.65 a barrel by 0026 GMT. U.S. West Texas Intermediate (WTI) crude for June climbed 22 cents, or 0.3%, to $79.22 a barrel.
According to CRU Group, copper production from existing mines is set to fall sharply in the coming years, and miners would need to spend more than $150 billion between 2025 and 2032 to fulfil the industry’s supply needs.
Brent crude futures for July fell 47 cents, or 0.5%, at $85.86 a barrel by 0005 GMT. U.S. West Texas Intermediate crude for June declined 53 cents, or 0.6%, to $81.40 per barrel.
Spot gold was little changed at $2,288.21 per ounce as of 0023 GMT. Prices fell as much as 2% to their lowest level since April 5 on Tuesday, due to an uptick in the dollar and U.S. Treasury yields.
According to Geojit, Farmers in the country have sown summer crops across 6.8 mln ha as of Friday, up nearly 6% from 6.4 mln ha last year, data from the agriculture ministry showed.
Brent crude futures dipped 5 cents, or 0.06%, to $88.35 a barrel at 0006 GMT, and U.S. West Texas Intermediate crude futures slipped 12 cents, or 0.15%, to $82.51 a barrel.
According to Geojit, Farmers in the country have sown summer crops across 6.8 mln ha as of Friday, up nearly 6% from 6.4 mln ha last year, data from the agriculture ministry showed.
Brent crude futures fell 75 cents, or 0.84%, to $88.75 a barrel while West Texas Intermediate (WTI) futures were down 65 cents, or 0.78%, to $83.20 a barrel by 1221 GMT.
Traders are likely to remain on edge as the Fed is expected to maintain the status quo for a sixth consecutive meeting and deliver a slightly hawkish tone.
According to Geojit, The Cotton Association of India has retained its projection for the country's cotton output in 2023-24 (Oct-Sep) at 31 mln bales (1 bale = 170 kg), according to a release.
Brent crude futures gained 34 cents, or 0.38%, to $89.35 a barrel at 1211 GMT, and U.S. West Texas Intermediate crude futures rose by 33 cents, or 0.39%, to $83.90 a barrel.
According to Geojit, Erratic weather in the crop year 2023-24 (Jul-Jun) has prompted the Department of Food and Public Distribution to relax the uniform specification of wheat for procurement in Rajasthan and Madhya Pradesh for the 2024-25 (Jul-Jun) rabi marketing season.
According to Geojit, Farmers in Gujarat have sown crops across 1.15 mln ha as of Monday, largely unchanged from the corresponding period a year ago, according to data from the state agriculture department.
Brent crude futures rose 9 cents, or 0.1%, to $88.51 a barrel and U.S. West Texas Intermediate crude futures gained 10 cents, or 0.11%, to $83.45 a barrel at 0031 GMT.
Spot gold was down nearly 1% at $2,304.99 per ounce, as of 0336 GMT. U.S. gold futures fell 1.2% to $2,318.80.
According to Geojit, Food Corp of India, along with state agencies, procured 6.8 mln tn wheat at the minimum support price, as of today, according to the data on the central food grains procurement portal.
Global benchmark Brent crude oil futures rose 39 cents, or 0.5%, to $87.39 a barrel by 0033 GMT, while U.S. West Texas Intermediate crude futures were up 40 cents, or 0.5%, to $82.30 a barrel.
According to Geojit, India's oilmeal exports in March fell 31% on year to 395,382 tn, according to data released by The Solvent Extractors' Association of India on Wednesday.
The front month U.S. West Texas Intermediate (WTI) crude contract for May, which expires on Monday, fell 12 cents to $83.02 a barrel. The more active June contract dropped 47 cents, or 0.6%, to $81.75 a barrel.
A pullback in gold prices is likely in case further escalation is avoided in the Middle East.
During periods of reflation trade, investors turn overweight on sectors or assets that will gain from rising inflation
According to Geojit, India's oilmeal exports in March fell 31% on year to 395,382 tn, according to data released by The Solvent Extractors' Association of India on Wednesday.
Brent futures jumped $3.03, or 3.5%, to $90.14 a barrel by 0147 GMT, and U.S. West Texas Intermediate crude rose $3.03, or 3.7%, to $85.76 per barrel.
