Commodity Capsule: Oil prices volatile; gold, silver see sharp drop | Watch video

Crude oil highly volatile

Oil prices dipped on Thursday as demand concerns tied to a global economic slowdown grew.

Brent crude futures traverse a narrow range of $75–78/barrel, while US WTI crude hovers under $73/barrel.

Both benchmarks settled over 1% higher on Wednesday, supported by Saudi Arabia's plans for deep output cuts

Price gains remain capped by rising US fuel stocks and weak Chinese export data.

Gold, and silver witness sharp drop

Gold prices hovered just above their 2-month lows on Thursday.

Gold has kept a tight trading range for nearly three weeks.

Pressure from a resurgence in the dollar and Treasury yields

Markets speculated over the Fed’s stance on more interest rate hikes, as they awaited the Federal Reserve's meeting next week.

Base Metals Weaken, Await Chinese Stimulus Measures

LME copper fell on Thursday as a surprise interest rate hike by the Bank of Canada fuelled fears of hawkish central banks.

Investors and traders cautiously awaited China's rollout of further stimulus measures.

Copper shed over $100 last session as the red metal slipped from a 4-week high to $8,270 per tonne.

LME zinc slipped from 2-week highs.

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