Gold prices headed lower for a second consecutive session in early morning trade on Tuesday, hitting a six-month low, as the dollar moved higher and fears of escalating trade tensions did little to support the safe haven precious metal. A stronger greenback makes the dollar-denominated metal more expensive for holders of foreign currencies. Gold failed to react to the upside to concerns on Monday that the U.S. Treasury Department was said to be drafting curbs to stop companies with at least 25% Chinese ownership from buying U.S. tech firms. Escalating the tensions, Chinese Vice Premier Liu He, who is also President Xi Jinping’s top economic adviser, said China is prepared to face off against U.S.’s tariff threats. Although gold is generally sought out as a safe haven store of value in times of political and economic uncertainty, the precious metal was unable to close Monday’s session with gains. Financial markets seemed to regain some composure on Tuesday with some media pointing to remarks by White House trade adviser Peter Navarro who attempted to ease investor concerns about U.S. trade policy.
Oil rises as outages balance trade dispute, OPEC -
Oil prices rose on Tuesday, supported by Canadian production losses and uncertainty over Libyan exports, but under pressure from climbing OPEC supply and intensifying trade conflicts between the United States and other major economies. Brent, which tends to reflect global supply and demand, was driven up by uncertainty around oil exports by Libya, a member of the Organization of the Petroleum Exporting Countries. Eastern Libyan commander Khalifa Haftar's forces have given control of oil ports to a separate National Oil Corporation (NOC) based in the country's east. The official state-owned oil company from the capital Tripoli, also called NOC, will no longer be allowed to handle that oil, he said. "The move increases the risk that Libyan oil output will be shut in as the NOC in Tripoli is the only legal entity with the right to sell oil," said Sukrit Vijayakar, director of energy consultancy Trifecta. Production problems at one of Canada's largest oil sands facilities drove front-month U.S. crude to its highest premium above second-month futures since 2014. Higher feedstock crude oil prices, as well as surging fuel exports from China, have pulled down Asian refinery product margins to two-year lows.
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