The week began on a losing note, making it the 5 straight week of losses for the crude prices. OPEC is said to be considering calling for a cut in outputs from Libya, Nigeria and Iran. Analysts say they also expect Saudi Arabia to lead other OPEC and non-OPEC members like Russia in a deeper cut to clear existing oversupply. Worsening face-off between Saudi Arabia and Qatar has left traders waiting to see the next move.
WTI, Brent crude, gold, silver, cocoa and wheat prices closed the day at a loss, while corn and soybean closed with gains. Coffee remained on same price as it opened on a Monday declared as public holiday in Nigeria and many parts of the world as Muslims celebrate Eld Fitri, following the 30-day fasting period.
The time for opening prices was at 8am EDT (12 Noon GMT) while closing time was at 11am EDT (4pm GMT).
Frontpage August 15, 2019
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