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Crude Oil & Precious Metals Fall as News from China Disappoint

May 3, 2016 at 18:14 by Vladimir Vyun

Futures for crude oil demonstrated significant losses during today’s trading as concerns about oversupply were returning to the markets. Additionally, the lackluster performance of China’s manufacturing sector promised limited demand for fuel and energy. Now, traders wait for supply reports from the American Petroleum Institute and the Energy Information Administration. June WTI crude oil dropped 2.7% to $43.57 per barrel as of 18:03 GMT on NYMEX today. Contract for delivery of Brent crude in July fell 1.75% to $45.03 per barrel on ICE.

Gold also fell today, though its losses were not Big Bounce House big while the silver’s decline was substantial. Usually, gold profits from signs of global economic slowdown. But bad news from China is not necessarily helpful to the metal as the country is one of the biggest consumers of gold. June futures for gold slipped 0.35% to $1,291.3 per troy ounce on COMEX today. July contract for silver declined 1.03% to $17.5 per ounce.

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