According to trading data, global oil prices fell by more than 3% on Friday due to increasing concerns about demand for raw materials in the light of the ongoing coronavirus pandemic.
The cost of January futures for Brent North Sea oil mix fell by 3.37 percent, to $39.55 per barrel, and December futures for WTI crude oil fell by 3.92 percent, to $37.27 per barrel. At the same time, Brent crude oil grew by more than 5%, and WTI by 4% this week.
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The rise in human infections with the latest coronavirus and the possibility of repeated economic shutdowns in a number of countries have put significant pressure on market sentiment on the day, threatening a recovery in demand for oil. Uncertainty about the outcome of the November 3 presidential election has also weighed on the markets.
Oil is very vulnerable to economic stimulus perceptions that have deteriorated. The coronavirus situation is as poor as possible for demand.
Furthermore, Baker Hughes released data showing that in the week ending November 6, the number of working oil rigs in the United States increased by 10 to 221 units.
On the other end, the price of gold on Friday also remained to buoy around the previous closing mark on the ongoing uncertainty induced mostly by the US presidential election.
The price of December gold futures on the New York Comex exchange added 0.25 percent, or $4.9, to 1951.7 dollars per Troy ounce. At the same time, December silver futures are up 1.87 percent, to $25,662 per ounce.
The price of gold fluctuated after rising by almost 3% the day before. The price of precious metals is being changed, but on the other hand, demand for stable assets persists due to the uncertainty of the outcome of the US presidential election.
Gold prices have hit over $1,900 per ounce over the current week and have already risen by more than 4 percent, which was the biggest weekly rise since July. This was partially due to the dollar’s weakening.
The devaluation of the dollar resulted in an increase in gold prices to six-week highs, as well as an increase in demand for safe-haven assets in the face of uncertainty about the presidential election and an increase in the number of COVID-19 infection cases.