WTI oil increased after Tuesday's 2% fall. It happened because the mixed earrings and weakening business activity caused fear of a possible slowdown of the U.S. economy.

In a recent interview, New York University professor Nouriel Roubini said that the current crisis will force investors to rush into gold. The value of the yellow precious metal will rise to $3,000 by 2028.

One chemical plant and one oil refinery experienced failures in operations on Tuesday due to severe weather conditions out of Houston. The oil and gas refinery complex is now trying to recover their operations.

Earlier this week, the profitability of oil refining in the U.S. reached a 3-month high. It is likely to rise even further, as the refinery downtime affects fuel supplies.

A failure occurred at the Cardon plant in Venezuela. The accident took place at a crucial gasoline production unit.

Gold is very popular in India. The country ranks second after China in the world in terms of gold consumption. However, silver is also popular in India.

On Wednesday, January 25, gold prices stabilized at their highest level in nine months. Increased demand for the precious metal as well as a corresponding rise in prices were caused by fears of a recession.

The outlook for gold and silver appears to be promising in 2023. This is reported by precious metals experts Tim Murphy and Joe Elkjer.

A number of analysts forecast a rise in silver to $30 per ounce in 2023, the highest level over the past ten years. The rise in prices will be supported by an imbalance of demand and supply.

According to Bloomberg, Russian crude cargoes from its key export terminals dropped 22% last week compared to the previous one. The loss amounted to 820,000 bpd.