U.S. crude oil futures slipped on Tuesday as U.S. commercial crude stocks were expected to rise for a 16th straight week, with comments from Saudi Arabia's oil minister also dragging on prices.
Oil Minister Ali al-Naimi told officials in Beijing that the kingdom was ready to supply China with additional oil if required, the Saudi Press Agency said on Monday.
Hong Kong and Shanghai stocks retreated Tuesday morning after rallying the previous day to new seven-year highs. The Hang Seng Index HSI, +0.11% fell 0.5%, with the mainland-China-tracking Hang Seng China Enterprises Index HSCEI, +0.33% down 0.7%. On the mainland, the Shanghai Composite Index SHCOMP, +0.07% dropped 0.5%. Oil stocks fell sharply in Hong Kong, with PetroChina Co. 0857, -4.32% 601857, -0.20% PTR, +3.27% and China Petroleum & Chemical Corp. (Sinopec) 0386, -3.67% SNP, +3.54% losing 4.7% and 3.8%, respectively, after PetroChina's much worse-than-expected earnings for the first quarter.
Gold dipped in Asia ahead of the start of two-days of policy deliberations by the U.S. Federal Reserve expected to more clearly set the stage on a widely expected rate hike later this year.
Gold futures for June delivery on the Comex division of the New York Mercantile exchange eased 0.28% to $1,199.80 a troy ounce, dipping below $2,000 after solid overnight gains.
Elsewhere, silver for July delivery fell 0.42% to $16.370 a troy ounce. Copper for July delivery dropped 0.14% to $2.777 a pound.
Overnight, gold prices soared on Monday erasing all of its losses from a precipitous fall last week, as precious metal traders awaited indications from the Federal Reserve on the timing of an interest rate hike later this week.
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