Commodities – Investors Worried About Current Performance of Gold & Crude Oil
The global crude oil market was gloomy towards the end of the week with a lack of key economic data as well as factors that strengthened the US dollar currency seen to affect demand for oil which will become more expensive.Crude oil prices continued to decline with Brent oil falling to around $82 per barrel while WTI oil was down to $78.30 per barrel in the Asian session this morning.The fall in the price of crude oil also has a depreciating effect on the Canadian dollar as crude oil is the country's main export.According to data from the US Energy Information Administration (EIA), US crude oil supplies fell by 4.6 million barrels last week, while gasoline inventories surged.From the producer's point of view, Russian oil in western ports in April is expected to jump to the highest level since 2019, above the 2.4 million barrels per day level despite Moscow's determination to reduce their oil output.Meanwhile, gold trading is becoming more gloomy when the price is seen to fall further away from the $2,000 level that failed to be defended before.With the strengthening shown by the US dollar yesterday, the value of the yellow metal fell significantly to the level of around $1,970 before rebounding.If the situation continues, the price of gold could drop lower towards the previous focus price level around $1,900.
The global crude oil market was gloomy towards the end of the week with a lack of key economic data as well as factors that strengthened the US dollar currency seen to affect demand for oil which will become more expensive.
Crude oil prices continued to decline with Brent oil falling to around $82 per barrel while WTI oil was down to $78.30 per barrel in the Asian session this morning.
The fall in the price of crude oil also has a depreciating effect on the Canadian dollar as crude oil is the country's main export.
According to data from the US Energy Information Administration (EIA), US crude oil supplies fell by 4.6 million barrels last week, while gasoline inventories surged.
From the producer's point of view, Russian oil in western ports in April is expected to jump to the highest level since 2019, above the 2.4 million barrels per day level despite Moscow's determination to reduce their oil output.
Meanwhile, gold trading is becoming more gloomy when the price is seen to fall further away from the $2,000 level that failed to be defended before.
With the strengthening shown by the US dollar yesterday, the value of the yellow metal fell significantly to the level of around $1,970 before rebounding.
If the situation continues, the price of gold could drop lower towards the previous focus price level around $1,900.
