Oil Plunges 12 Percent in One Week as Brent Falls to USD90.7
(MENAFN) Crude oil and natural gas extended their sharp slide on Tuesday, and gold and silver retreated in early trading.
Brent crude, the international benchmark, dropped 1.96% to $90.7 a barrel as of 0820GMT, according to market data. That pushes its losses over the past week to 12.4%. US benchmark West Texas Intermediate (WTI) fell 1.8% to $85.3 a barrel, cutting its weekly value by 11.49%.
European natural gas lost 0.88%, trading at €81.77 ($91.9) per megawatt-hour.
Precious metals also moved lower. Spot gold eased 0.55% to $4,117.79 an ounce but is still up 4.79% on the week. Silver fell 1.04% to $52.84 an ounce, leaving its weekly gain at 6.17%.
The energy selloff followed comments by US President Donald Trump indicating that additional military strikes on Iran look improbable if nuclear negotiations and efforts to reopen the Strait of Hormuz make headway. Higher output from OPEC members and receding fears of supply disruptions in the Middle East added to the pressure on crude prices.
In the metals market, gold and silver gave back ground as investors locked in profits and turned cautious ahead of major US inflation data, with the path of Federal Reserve interest rates still uncertain.
Brent crude, the international benchmark, dropped 1.96% to $90.7 a barrel as of 0820GMT, according to market data. That pushes its losses over the past week to 12.4%. US benchmark West Texas Intermediate (WTI) fell 1.8% to $85.3 a barrel, cutting its weekly value by 11.49%.
European natural gas lost 0.88%, trading at €81.77 ($91.9) per megawatt-hour.
Precious metals also moved lower. Spot gold eased 0.55% to $4,117.79 an ounce but is still up 4.79% on the week. Silver fell 1.04% to $52.84 an ounce, leaving its weekly gain at 6.17%.
The energy selloff followed comments by US President Donald Trump indicating that additional military strikes on Iran look improbable if nuclear negotiations and efforts to reopen the Strait of Hormuz make headway. Higher output from OPEC members and receding fears of supply disruptions in the Middle East added to the pressure on crude prices.
In the metals market, gold and silver gave back ground as investors locked in profits and turned cautious ahead of major US inflation data, with the path of Federal Reserve interest rates still uncertain.
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