Brent crude oil futures fell 32 cents, or 0.4 per cent, to settle at $79.07 a barrel
The Central Bank of the UAE has said it would keep interest rates unchanged following a similar announcement by the US Federal Reserve overnight.
Some investors also expect a widening crisis could prompt safe-haven buying of Treasuries
The key takeaway from Powell’s speech is monetary policy will stay “restrictive” until inflation is moving firmly toward 2 per cent
The US Federal Reserve raised its benchmark interest rates by 25 points to the highest level in 22 years
West Texas Intermediate declined toward $69 a barrel after on Thursday
The central banks announced interest rate hikes by 25 basis points
The US Federal Reserve upped its policy rate by three-quarters of a percentage point for the fourth consecutive time
The US Federal Reserve raised its benchmark interest rate by three-quarters of a percentage point to a range of 3 to 3.25 per cent on Wednesday
Crude prices are on course for a third consecutive monthly drop in what would be the longest losing run in more than two years
Bullion initially jumped on August 10 after the US consumer price index decelerated by more than expected in July
Bullion dropped 0.9 per cent as US non-farm payrolls jumped by more than double what economists had forecast
Gold climbed as the dollar and bond yields retreated, with investors assessing US-China tensions and an apparent hawkish turn from the Federal Reserve
West Texas Intermediate futures climbed near $98 a barrel after closing 2.4 per cent higher in the previous session
Saudi Arabia, Bahrain and the UAE moved in lockstep with the US central bank, raising their benchmarks by 75 basis points
Gold has lost more than $110 in July alone as traders increased bets on a full percentage-point increase in US rates
Spot gold fell 0.5 per cent to $1,725.05 an ounce in Singapore, after falling 0.5 per cent in the previous session
West Texas Intermediate fell below $98 a barrel and has shed about 10 per cent so far this week
Gold has had a solid run higher throughout 2020
A central-bank digital currency would allow euro-area residents to place deposits with the ECB directly
OPEC+ also warned at a meeting on Wednesday that the pace of the demand rebound was slower than expected