Oil Prices Drop Toward Session Lows, But Gold Trades Near The Day's Highs

By Myra P. Saefong Markets MarketWatch Pulse

Oil prices dropped to fresh session lows Friday, pressured as tanker-tracker Petro-Logistics said OPEC oil output is poised to climb by 145,000 barrels a day this month, according to a report from Reuters. The news came ahead of a weekly update on the number of active U.S. oil rigs from Baker Hughes. Gold prices, meanwhile, touched new session highs, finding some support as a haven investment following reports that White House Press Secretary Sean Spicer has resigned. September West Texas Intermediate crude fell $1.09, or 2.3%, to $45.83 a barrel, after a low at $45.71. August gold traded at $1,252.70 an ounce, up $7.20, or 0.6%.

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