Oil futures fell on Monday, pressured by expectations that talks over Iran’s nuclear program could result in an easing of sanctions against the crude exporter.
Prices also headed lower as the turmoil in Yemen looked unlikely to disrupt oil transport in the region.
Crude for delivery in May CLK5, -1.25% fell 19 cents, or 0.4%, to close at $48.68 a barrel on the New York Mercantile Exchange. May Brent crude LCOK5, -0.76% on London’s ICE Futures exchange fell 12 cents to $56.29 a barrel.
Elsewhere, May copper HGK5, -0.36% added 1.4 cents, or 0.5%, to end at $2.782 a pound. April platinum PLJ5, +0.27% fell $26.70, or 2.3%, to $1,116.90 an ounce.
June palladium PAM5, +0.45% settled lower by $12, or 1.6%, at $729 an ounce.
Gold futures settled lower for a second session on Monday as strength in the dollar and a rally in equities drew investors away from the precious metals market.
Gold for April delivery GCJ5, -0.36% shed $15, or 1.3%, to settle at $1,184.80 an ounce on Comex. May silver SIK5, -1.19% lost 39.5 cents, or 2.3%, to $16.674 an ounce.
“Gold is struggling with rally fade once again with the shine being taken off by prevailing dollar strength,” said Ross Norman, chief executive officer at Sharps Pixley.
