Oil rose to a 2015 high of $67 a barrel on Monday supported by expectations the crude supply glut will ease and after weak Chinese factory activity reinforced views stimulus measures would be rolled out.
West Texas Intermediate fell from the lowest price in more than four years as Saudi Arabia’s oil minister said the price will stabilize by itself, while the United Arab Emirates said OPEC will do what it takes to balance the market.
Gold, heading for the biggest slump in three decades, reached the lowest price since June as an improving economy cut demand for wealth protection. Silver prices touched the lowest in more than four months.
Oil was little changed in New York after a storm avoided the Gulf of Mexico’s energy-producing area and amid speculation European leaders will fail to stem its debt crisis that threatens to curb fuel demand.