Out of bounds

Out of bounds



NEW YORK (
Reuters) - Gold
prices rose to a three-month high Tuesday, hitting their highest level since November as geopolitical tensions rose after North Korea launched a new missile, boosting demand for safe assets and putting pressure on the dollar and equities.
Spot gold rose 0.6 percent to $ 1317.47 an ounce after hitting $ 1322.33 an ounce earlier, the highest since November 9.
Gold rose 1.4 percent in the previous session, posting its highest daily percentage gain since mid-May. Gold futures for December delivery rose 0.6 percent to $ 1,323 an ounce.
The precious metal also gained support from the ambiguity surrounding the administration of US President Donald Trump after his comments on the government's closure raised concerns last week.
Among other precious metals, silver rose 0.4 percent to $ 17.48 an ounce. Silver rose to $ 17.56 an ounce earlier in the session, its highest level since early June.
Platinum rose 0.3 percent to $ 989.60 an ounce after climbing to its highest level since early March to $ 994.10 an ounce earlier in the day.
Palladium rose 0.7 percent to $ 939.50 an ounce after hitting a near-16-year high of $ 940.50 an ounce on Friday.



Cairo
signs oil and gas exploration agreements with Shell and APEX
Egyptian Oil Minister Tariq Al-Mulla signed three oil and gas exploration agreements to drill 16 new wells in Western Sahara with a total investment of about $ 81.4 million with Royal Dutch Shell and US-based Apex Oil Company, with a $ 23.2 million signing.
The first agreement with Shell includes an investment of $ 35.5 million, while the second and third agreements with Apex, which is operating for the first time in Egypt, will invest a total of $ 45.9 million in two projects, the ministry said in a statement.
Egypt has become a net importer of energy in recent years after it was a net exporter, with consumption rising and production falling.
The government is seeking to attract foreign investors back into the country's energy sector in an effort to ease pressure on public finances.
In December, Egypt accepted six bids for oil and gas exploration worth up to $ 200 million.


London
lower oil prices with markets affected by Hurricane Harvey
oil prices fell on Tuesday as the markets are affected by the closure of about 13 percent of the refining capacity of crude in the United States , the world 's largest consumer of oil after the cyclone hit the tropical heart of its oil industry.
The closing of refineries helped US gasoline futures rise to a two-year high of 1.7799 a gallon on Monday. By 0957 GMT, gasoline was $ 1.7078.
London Brent crude <LCOc1> was down 42 cents at $ 51.47 a barrel after trading at $ 52.19 a barrel earlier in the session.
WTI crude fell 10 cents to $ 46.67 a barrel after falling more than 2 percent in the previous session.
Assessing hurricane damage may lead to further fluctuations. As a number of refineries prepare to resume work, heavy rains are expected to continue until Wednesday to worsen the impact of catastrophic floods in Houston.
"Oil refineries in Asia should operate at higher rates to compensate for the closure of US refineries," said Oliver Jacob, managing director of petroleum analysis at Petromatrix.
But Jakob warned that the volume of work in the downstream sector in the United States was not yet clear, and that major damage to oil fields or pipelines could support WTI prices.
Tropical storm Harvey, which has fallen from a hurricane, has caused oil refineries more damage than crude producers, and crude markets are also following supply disruptions in Libya and Colombia.

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