Oil Drops More Than $1 While Gold Hits Two-Month High

PUKMEDIA AI

Oil and Precious Metals.

Oil prices fell by more than one dollar on Thursday, 13 August 2026, after analysts cut their forecasts for global oil demand in 2026, while gold climbed to its highest level in more than two months.

Brent crude futures fell by $1.29, or 1.5%, to $87.69 a barrel, while US West Texas Intermediate (WTI) crude futures declined by $1.30, or 1.6%, to $81.97 a barrel.

The decline in oil prices followed downward revisions to global demand forecasts for 2026, with weaker consumption expectations outweighing concerns over supply disruptions linked to geopolitical tensions in the Middle East.

Meanwhile, gold prices continued to rally, reaching their highest level in more than two months.

Spot gold rose 0.6% to $4,433.62 an ounce by 01:08 GMT, after earlier climbing nearly 1% to its highest level since 5 June. US gold futures for December delivery also gained 0.6% to $4,493 an ounce.

Other precious metals also advanced. Spot silver rose around 1% to $65.91 an ounce after reaching its highest level since 22 June during the previous session. Platinum gained 0.3% to $1,762.70 an ounce, while palladium edged up 0.1% to $1,371.20 an ounce.