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Oil Sharply Lower Amid Ongoing Demand Concerns

COMMODITIES
  • Crude futures came under significant selling pressure on Friday amid weeklong concerns for demand outweigh the limited spare supply capacity.
  • Other sources citing news of possible US restrictions on fuel exports and an upcoming trip to Saudi Arabia by President Biden may be adding to the selling pressure.
  • Furthermore, this will be the first negative week for Brent prices in five, with potential profit taking dynamics in play amid ongoing recession fears heightening risk-off sentiment across global markets.
    • WTI Crude down $8.55 or -7.27% at $111.63
    • Natural Gas down $0.5 or -6.69% at $7.275
    • Gold spot down $17.8 or -0.96% at $1846.59
    • Copper down $8.65 or -2.1% at $403.8
    • Silver down $0.31 or -1.4% at $21.6516
    • Platinum down $21.69 or -2.27% at $937.75
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  • Crude futures came under significant selling pressure on Friday amid weeklong concerns for demand outweigh the limited spare supply capacity.
  • Other sources citing news of possible US restrictions on fuel exports and an upcoming trip to Saudi Arabia by President Biden may be adding to the selling pressure.
  • Furthermore, this will be the first negative week for Brent prices in five, with potential profit taking dynamics in play amid ongoing recession fears heightening risk-off sentiment across global markets.
    • WTI Crude down $8.55 or -7.27% at $111.63
    • Natural Gas down $0.5 or -6.69% at $7.275
    • Gold spot down $17.8 or -0.96% at $1846.59
    • Copper down $8.65 or -2.1% at $403.8
    • Silver down $0.31 or -1.4% at $21.6516
    • Platinum down $21.69 or -2.27% at $937.75