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

By Myra P. SaefongMarketsMarketWatch 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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