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).
This government must not raid investors’ money