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Brent crude futures rose by 99 cents, or 1.39 percent, to $72.05 per barrel
Brent was on track to drop nearly 8 percent this week, while WTI was headed for almost a 6 percent decline
The possibility of a 50-basis-point rate cut by the Federal Reserve this month has risen from 34 percent last week to 41 percent
Traders are on the lookout for the ADP employment report and jobless claims data due later in the day
Brent crude futures for November rose by 15 cents, or 0.1 percent, to $72.85
So far this year, gold prices have gained over 29 percent, rising to a record high of $2,531.60 on August 20
Brent Oil Futures fell by 4.9 percent, closing at $73.75 per barrel
The industry's contribution to global GDP is expected to rise by 12.1 percent year-over-year
Last year, the country attracted a record $30.49 billion in foreign direct investment, ranking second globally
Gold prices may rally if reports signal a weaker economy and the Fed considers a larger rate cut
Brent crude futures had fallen by 37 cents, or 0.48 percent, settling at $77.15 a barrel
The U.S. personal consumption expenditures (PCE) price index rose 0.2 percent in July, in line with expectations
