Oil and gold fell this week, with demand for the commodities pressured by strains in the global economy.
OIL: Prices slid on a slew of downbeat economic data from around the world, analysts said.
The sharp falls in oil prices on Thursday coincided with the release of data showing growth in the eurozone stalled in the second quarter. Germany, the bloc’s No. 1 economy, shrank by 0.2 percent and France, the second-largest, had zero growth for six straight months.
Prices also came under pressure from a string of disappointing Chinese data on Wednesday and signs of weak demand, especially in the US, which said crude stockpiles rose for the first time in seven weeks.
Inventories rose by 1.4 million barrels to 367.0 million in the week ending on Aug. 8, the US Department of Energy said on Wednesday.
By Friday on London’s Intercontinental Exchange, Brent North Sea crude for delivery in October slid to US$102.38 a barrel compared with the US$104.89 for next month’s contract recorded a week earlier.
On the New York Mercantile Exchange, West Texas Intermediate, or light sweet crude, for next month fell to US$95.63 from US$97.42.
PRECIOUS METALS: Gold dropped over the week, as sector data showed on Thursday the gold consumption fell by an annualized 16 percent in Q2 as Chinese and Indian buyers cut back after record purchases a year earlier.
The decline was largely the result of weaker jewelry purchases, which typically account for half of global demand, and which were 30 percent lower, the data showed.
By Friday on the London Bullion Market, gold slipped to US$1,296 an ounce from US$1,309.75 a week earlier, as silver fell to US$19.86 an ounce from US$20.13.
On the London Platinum and Palladium Market, platinum retreated to US$1,446 an ounce from US$1,475 and palladium rose to US$878 an ounce from US$857.
RUBBER: Prices in Kuala Lumpur sank as a strong ringgit hit overseas demand and concerns over China’s economy and declines in other commodities weighed, traders said.
The Malaysian Rubber Board’s benchmark SMR20 declined to US$0.16605 a kilogram compared with US$0.6860 last week.
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