According to Reuters, the first shipment of Venezuelan oil by Chevron Corp left a transshipment hub near Aruba for its refinery in Pascagoula, Mississippi.

On Tuesday, the February gas contract fell on the New York Mercantile Exchange. The trading ended at $3.639 per metric million British thermal units, thus a decline by 7%, or 27 cents, was registered.

Gold is trading near an eight-month high on Wednesday as inventors expect the Fed to slow the pace of interest rate hikes and the greenback to further lose value. However, market participants are being cautious ahead of inflation data.

A decline in black gold prices is getting evident on Wednesday. That is driven by an unexpected increase in oil and fuel inventories in the U.S. In this regard, the latest data raises concerns about fuel demand. Thus, the price level reached on Tuesday is offset now.

BlackRock analysts suppose that the U.S. stock market will have another unstable year because investors overlook the threat of increased interest rates and consistently high inflation.

It was reported that the U.S. Interior Department appointed Elizabeth Klein as head of the Bureau of Ocean Energy Management.

In the Short-Term Energy Outlook for January, the U.S. Energy Information Administration (EIA) stated a decrease in power consumption in 2023. This outlook is driven by weak economic activity and mild weather conditions.

The survey of foreign investors and analysts showed that the trend for rising costs of precious metals, which started at the end of 2023, will remain in the new year.

Platinum was the most profitable precious metal in 2022, rising by 11%. However, the global platinum market might face a deficit of approximately 300,000 ounces by the end of this year.

Gold climbed to $1,880 early in the week, settling at an eight-month high. U.S. inflation data for December will be closely monitored on Thursday. Economists at Commerzbank say that the official data will further support the metal.