BloombergOil on Friday posted its first weekly loss since the middle of last month as a forecast-topping US employment report was not enough to offset economic worries dogging the market. “The Middle East tensions are also potentially bullish for oil prices and any new development in the area could spur fears of oil disruptions.”Meanwhile, hedge funds have grown more pessimistic about oil prices as sentiment on the global economy sours. Money managers pushed bets on a decline in Brent crude prices to the highest since mid-January in the week ended on Tuesday, data released on Friday showed. Data on West Texas Intermediate crude positions will not be released until tomorrow, due to the US holiday. Gold fell US$21.00 to US$1396.70 per ounce and silver fell US$0.33 to US$14.92 per ounce, while copper fell US$0.02 to US$2.66 per pound.

Source: Taipei Times July 06, 2019 15:56 UTC