Oil prices experienced a slight decline, influenced by weak U.S. employment data and a drop in natural gas futures. West Texas Intermediate (WTI) crude futures fell 0.7%, settling below $70 per barrel. U.S. natural gas futures dropped over 5%, impacting the broader energy market as heating demand forecasts were lower than expected. The number of Americans continuing to claim unemployment benefits reached a three-year high, pausing broader market gains and pressuring oil prices. Low liquidity further exacerbated the downward trend, with WTI crude trading volumes nearing annual lows. February WTI futures settled at $69.62 per barrel, while Brent crude futures fell 0.4% to $73.26 per barrel.
Gold prices rose during the U.S. holiday period, as investors processed mixed employment data and considered the Federal Reserve's interest rate policy outlook. Spot gold increased by 0.7% to $2634.16 per ounce, while spot silver rose 0.5% to $29.7989 per ounce.
