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Crude Oil & Gold Decline During Thursday’s Trading

August 9, 2018 at 19:28 by Vladimir Vyun

Crude oil fell today as concerns about the US-China trade war intensified. China announced additional 25% tariffs on $16 billion of US goods in response to the announcement from Washington about tariffs on $16 billion of Chinese goods. Trade wars tend to hurt economic growth, and as a result are harmful to growth-dependent commodities, like crude. Futures for delivery of WTI crude oil in September dropped 0.13% to $66.85 per barrel on NYMEX. October contract for Brent grade of oil declined 0.26% to $72.09 per barrel on ICE.

Prices for gold declined as well due to the broad-based strength of the US dollar. Bullion failed to profit from fundamentals that looked supportive to the commodity, like the trade wars and stagnating producer inflation in the United States. Contract for delivery of gold in December fell 0.09% to $1,219.9 per ounce on COMEX today. Silver managed to avoid losses as December futures advanced 0.21% to $15.47 per ounce.

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