Commodity Market Update: Crude Oil

Precious metals on CMX are trading lower since morning with Gold trading at 1225.90, down 0.70% or 8.90 points an ounce while Silver plunging over 3% or 55 cents to trade at 16.60 after having tested a low of 16.56. Base metals tumbled on the LME Lower energy costs and demand weaknesses amid worse-than-expected economic data in China are driving prices down. Copper is leading the group, it tumbled the most in six years and tested a low of 5353.25 before settling at 5563.00, plunging around 4% or 212 points, followed by rest of the counters which are declining more than 2.5% each as we write this. WTI Crude Oil is extending losses from the lowest close in more than five and a half years as OPEC nations predicted the global surplus will persist and US stockpiles were forecast to rise. Light Sweet Crude Oil futures fell more than half a percent or 25 cents to trade at 45.65 after having tested a low of 45.01 while Natural Gas is gaining 1.77% or 5 cents to trade at 2.995 per mmbtu.