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Oil prices tumbled nearly 6% on Thursday, extending steep losses in the previous sessions, as the market braced for a prolonged U.S.-China trade war

Author:
Valentin Lazarov
Market News

Oil prices tumbled nearly 6% on Thursday, extending steep losses in the previous sessions, as the market braced for a prolonged U.S.-China trade war and digested disappointing manufacturing data. Some analysts also pointed to signs that Middle East tensions are moderating.

Brent crude futures sank $3.35, or 4.7%, to $67.64 per barrel around 2:20 p.m. ET (1820 GMT). The international benchmark for oil prices hit a nearly two-month low earlier in the session and is on pace for its worst week since December.

U.S. West Texas Intermediate crude futures settled $3.51 lower at $57.91 per barrel, tumbling 5.7% to the lowest closing price since March 12. WTI is on track to end the week 7.7% lower and post the worst weekly performance in five months.

Stocks fell sharply on Thursday as investors started to fear the U.S.-China trade war is slowing the economy.

The Dow Jones Industrial Average fell 286.14 points to 25,490.47 as United Technologies lagged. The S&P 500 fell 1.2% to 2,822.24 while the Nasdaq Composite dropped 1.6% to 7,628.28. The Dow fell more than 400 points at its lows, but regained some of its losses in the final hour of trading as Intel shares turned around to close 1.2% higher.

Gold prices jumped 1 percent on Thursday as the U.S. dollar pulled back from a two-year peak scaled earlier in the session and as global equities slid on the escalating Sino-U.S. trade tensions.

Spot gold climbed 1 percent to $1,285.63 per ounce by 11:21 am EDT (1522 GMT), after falling to its lowest since May 3 on Tuesday at $1,268.97.

U.S. gold futures rose 0.9 percent to $1,285.50 an ounce.

Source:CNBC

 

 

International Financial Markets Department

Euro-Finance Ltd.

forex@eurofinance.bg

www.eurofinance.bg 

*This material should not be considered as a recommendation for buying/selling securities.