Oil prices climbed above $70 a barrel for the first time since the start of the coronavirus crisis, after the US&nbsp;Senate passed a $1.9 trillion economic stimulus package and a Yemeni group attacked Saudi Arabia's oil industry.

Benchmark Brent climbed as high as $71.38 a barrel in early Asian trade, its highest since January&nbsp;8, 2020. By 1110 GMT, it was trading up 12 cents or 0.2 per cent&nbsp;at $69.48, still hovering around its highest level in more than a year.

Also read|&nbsp;<a href="https://www.wionews.com/world/yemens-houthi-rebels-target-saudi-arabias-aramco-oil-facilities-368713" hreflang="en">Yemen's Houthi rebels target Saudi Arabia's Aramco oil facilities</a>

US&nbsp;West Texas Intermediate (WTI) crude was up 14 cents or 0.2 per cent&nbsp;at $66.23 after touching $67.98 a barrel, its highest since October 2018.

Brent and WTI prices have climbed for four consecutive sessions.

The US&nbsp;Senate passed on Saturday President Joe Biden's $1.9 trillion COVID-19 relief plan, lifting prospects for the economy and fuel demand that has been pummelled by the pandemic.

Adding support, Houthi forces in Yemen fired drones and missiles at Saudi Arabia, including a Saudi Aramco facility at Ras Tanura that is vital to petroleum exports. Riyadh said there were no casualties or loss of property.

"This suggests that we could see further upside in the market in the near-term, particularly as the market probably now needs to be pricing in some sort of risk premium, with these attacks picking up in frequency," ING analysts said in a report.

Prices have been buoyant since the Organization of the Petroleum Exporting Countries, Russia and their oil-producing allies, known as OPEC+, agreed last week on broadly sticking with output cuts despite rising crude prices.

Oil prices climbed above $70 a barrel for the first time since the start of the coronavirus crisis, after the US Senate passed a $1.9 trillion economic stimulus package and a Yemeni group attacked Saudi Arabia's oil industry.

Oil prices climbed above $70 a barrel for the first time since the start of the coronavirus crisis, after the US Senate passed a $1.9 trillion economic stimulus package and a Yemeni group attacked Saudi Arabia's oil industry. Benchmark Brent climbed as high as $71.38 a barrel in early Asian trade, its highest since January 8, 2020. By 1110 GMT, it was trading up 12 cents or 0.2 per cent at $69.48, still hovering around its highest level in more than a year. Also read| Yemen's Houthi rebels target Saudi Arabia's Aramco oil facilities US West Texas Intermediate (WTI) crude was up 14 cents or 0.2 per cent at $66.23 after touching $67.98 a barrel, its highest since October 2018. Brent and WTI prices have climbed for four consecutive sessions. The US Senate passed on Saturday President Joe Biden's $1.9 trillion COVID-19 relief plan, lifting prospects for the economy and fuel demand that has been pummelled by the pandemic. Adding support, Houthi forces in Yemen fired drones and missiles at Saudi Arabia, including a Saudi Aramco facility at Ras Tanura that is vital to petroleum exports. Riyadh said there were no casualties or loss of property. "This suggests that we could see further upside in the market in the near-term, particularly as the market probably now needs to be pricing in some sort of risk premium, with these attacks picking up in frequency," ING analysts said in a report. Prices have been buoyant since the Organization of the Petroleum Exporting Countries, Russia and their oil-producing allies, known as OPEC+, agreed last week on broadly sticking with output cuts despite rising crude prices.

Brent hits $70 for first time since pandemic began after Saudi attack

<a href="https://www.wionews.com/business-economy/gold-prices-steady-as-market-awaits-united-states-employment-report-253433">Gold</a> prices rose to their highest in nearly two weeks on Wednesday as US&nbsp;Senate measures on Hong Kong posed a potential roadblock for a trade deal between the United States and China, denting appeal for riskier assets.

Spot gold was up 0.3 per cent&nbsp;at $1,476.50 an ounce by 1015 GMT and US&nbsp;gold futures rose 0.2 per cent to $1,477.

"The US&nbsp;senate passing the Hong Kong democracy bill is raising the further risk of a trade deal running into problems and it's causing some renewed risk-off in the markets," said <a href="https://www.wionews.com/business-%26-economy/gold-locked-below-1300-as-market-braces-for-fed-meeting-143852">Saxo Bank </a>commodity strategist Ole Hansen.

"We see stocks trading weaker, bond yields moving lower and gold is ticking higher."

The US&nbsp;Senate passed two bills backing human rights in Hong Kong and banning the export of certain munitions to the region's police forces. China condemned the move and called for Washington to stop meddling in its internal affairs.

European stocks steered away from a recent peak and US&nbsp;10-year bond yields slipped to their lowest in nearly three weeks, also pressured by US&nbsp;President Donald Trump's threat to raise tariffs on Chinese imports if a trade deal cannot be reached with Beijing.&nbsp;

Investor eyes will also be on minutes from the <a href="https://www.wionews.com/business-economy/nasdaq-ends-at-record-high-dollar-falls-as-us-fed-signals-possible-rate-cut-234814">US&nbsp;Federal Reserve'</a>s October policy meeting, due at 1900 GMT, for additional cues on the monetary policy outlook.

The US&nbsp;central bank cut interest rates three times this year to help to sustain US&nbsp;growth but last month signalled that there would be no further cuts unless the economy takes a turn for the worse.

"The market is pricing in one cut over the next 12 months and that will change very quickly on failure to reach a (trade) deal," Saxo Bank's Hansen added.

Lower interest rates reduce the opportunity cost for holding non-yielding bullion.

Spot gold could rise into a range of $1,480-$1,485 an ounce, according to Reuters technical analyst Wang Tao.

Elsewhere, silver was flat at $17.14, platinum was down 0.1 per cent at&nbsp;$909.14 and palladium was little changed at $1,764.50.

Palladium prices could continue to firm on supply issues, and $2,000 an ounce is a likely scenario for the autocatalyst metal next year, said Ross Norman, a London-based independent analyst.

The metal hit a record high of $1,824.50 on October&nbsp;30, buoyed by a sustained supply deficit.

Gold prices rose to their highest in nearly two weeks on Wednesday as US Senate measures on Hong Kong posed a potential roadblock for a trade deal between the United States and China, denting appeal for riskier assets.

Gold prices rose to their highest in nearly two weeks on Wednesday as US Senate measures on Hong Kong posed a potential roadblock for a trade deal between the United States and China, denting appeal for riskier assets. Spot gold was up 0.3 per cent at $1,476.50 an ounce by 1015 GMT and US gold futures rose 0.2 per cent to $1,477. "The US senate passing the Hong Kong democracy bill is raising the further risk of a trade deal running into problems and it's causing some renewed risk-off in the markets," said Saxo Bank commodity strategist Ole Hansen. "We see stocks trading weaker, bond yields moving lower and gold is ticking higher." The US Senate passed two bills backing human rights in Hong Kong and banning the export of certain munitions to the region's police forces. China condemned the move and called for Washington to stop meddling in its internal affairs. European stocks steered away from a recent peak and US 10-year bond yields slipped to their lowest in nearly three weeks, also pressured by US President Donald Trump's threat to raise tariffs on Chinese imports if a trade deal cannot be reached with Beijing. Investor eyes will also be on minutes from the US Federal Reserve's October policy meeting, due at 1900 GMT, for additional cues on the monetary policy outlook. The US central bank cut interest rates three times this year to help to sustain US growth but last month signalled that there would be no further cuts unless the economy takes a turn for the worse. "The market is pricing in one cut over the next 12 months and that will change very quickly on failure to reach a (trade) deal," Saxo Bank's Hansen added. Lower interest rates reduce the opportunity cost for holding non-yielding bullion. Spot gold could rise into a range of $1,480-$1,485 an ounce, according to Reuters technical analyst Wang Tao. Elsewhere, silver was flat at $17.14, platinum was down 0.1 per cent at $909.14 and palladium was little changed at $1,764.50. Palladium prices could continue to firm on supply issues, and $2,000 an ounce is a likely scenario for the autocatalyst metal next year, said Ross Norman, a London-based independent analyst. The metal hit a record high of $1,824.50 on October 30, buoyed by a sustained supply deficit.

Gold gains as souring US-China relations dent risk appetite

Members of the US&nbsp;Senate and House of Representatives introduced bills on Tuesday to keep tight restrictions on <a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/world/us-should-stop-incorrect-action-on-huawei-to-avoid-additional-harm-to-china-us-economic-and-trade-relations-china-219157&amp;sa=U&amp;ved=2ahUKEwia7ZKK2rvjAhUvH7cAHX_sBzEQFjAFegQIBhAC&amp;usg=AOvVaw04FHCJpiLwhfiKBr2OP77D">Huawei Technologies Co Ltd</a>, amid concern about President Donald Trump's easing of curbs on the Chinese firm.

The legislation would among other things bar the removal of the massive telecommunications equipment firm from a Commerce Department trade blacklist without House and Senate approval, and let Congress disallow waivers granted to US&nbsp;companies doing business with the company.

The United States has accused Huawei of stealing American intellectual property and violating Iran sanctions. The Republicans and Democrats backing the measures said they viewed the company as a security threat.

"American companies shouldn't be in the business of selling our enemies the tools they'll use to spy on Americans," Republican Senator Tom Cotton, one of the sponsors, said in a statement.

The United States placed Huawei on the Commerce Department's so-called Entity List in May over national security concerns. The US&nbsp;parts and components generally cannot be sold to those on the list without special licenses.

However, Trump, who is seeking to revive trade talks with China, announced late last month that US&nbsp;companies would be allowed to sell products to Huawei.

The "Defending America's 5G Future Act" was introduced in the Senate by Republicans Cotton, Marco Rubio and Mitt Romney and Democrats Chris Van Hollen, Mark Warner, and Richard Blumenthal.

A companion bill was introduced in the House by Democratic Representatives Jimmy Panetta and Ruben Gallego and Republicans Mark Gallagher and Liz Cheney.

Washington also has launched a lobbying effort to persuade US&nbsp;allies to keep Huawei out of next-generation 5G telecommunications infrastructure, citing concerns the company could spy on customers. Huawei has denied the allegations.

Chinese Foreign Ministry spokesman Geng Shuang told a news briefing in Beijing on Wednesday that the United States should immediately cease its "suppression" of Huawei.

Geng said that relevant U.S. legislators were "clinging to a Cold War mentality" in trying to contain China's development and that such actions "seriously damaged the United States' national image".

Members of the US Senate and House of Representatives introduced bills on Tuesday to keep tight restrictions on Huawei Technologies Co Ltd, amid concern about President Donald Trump's easing of curbs on the Chinese firm.

Members of the US Senate and House of Representatives introduced bills on Tuesday to keep tight restrictions on Huawei Technologies Co Ltd, amid concern about President Donald Trump's easing of curbs on the Chinese firm. The legislation would among other things bar the removal of the massive telecommunications equipment firm from a Commerce Department trade blacklist without House and Senate approval, and let Congress disallow waivers granted to US companies doing business with the company. The United States has accused Huawei of stealing American intellectual property and violating Iran sanctions. The Republicans and Democrats backing the measures said they viewed the company as a security threat. "American companies shouldn't be in the business of selling our enemies the tools they'll use to spy on Americans," Republican Senator Tom Cotton, one of the sponsors, said in a statement. The United States placed Huawei on the Commerce Department's so-called Entity List in May over national security concerns. The US parts and components generally cannot be sold to those on the list without special licenses. However, Trump, who is seeking to revive trade talks with China, announced late last month that US companies would be allowed to sell products to Huawei. The "Defending America's 5G Future Act" was introduced in the Senate by Republicans Cotton, Marco Rubio and Mitt Romney and Democrats Chris Van Hollen, Mark Warner, and Richard Blumenthal. A companion bill was introduced in the House by Democratic Representatives Jimmy Panetta and Ruben Gallego and Republicans Mark Gallagher and Liz Cheney. Washington also has launched a lobbying effort to persuade US allies to keep Huawei out of next-generation 5G telecommunications infrastructure, citing concerns the company could spy on customers. Huawei has denied the allegations. Chinese Foreign Ministry spokesman Geng Shuang told a news briefing in Beijing on Wednesday that the United States should immediately cease its "suppression" of Huawei. Geng said that relevant U.S. legislators were "clinging to a Cold War mentality" in trying to contain China's development and that such actions "seriously damaged the United States' national image".

Bills targeting China's Huawei introduced in US Congress

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Brent hits $70 for first time since pandemic began after Saudi attack

Gold gains as souring US-China relations dent risk appetite

Bills targeting China's Huawei introduced in US Congress