International Oil Prices Fell On Worries About the Outlook For Demand

International oil prices fell in the week (September 21, solstice25), with New York oil prices down 2.09% and brent oil down 2.85% as investors worried about the impact of the rebounding epidemic on the outlook for demand and other factors. Gold also fell 4.88 per cent in New York as the dollar strengthened, among other factors.

Gold for December delivery fell $10.6, or 0.56 percent, to settle at $1,866.3 an ounce on The New York Mercantile Exchange. Silver futures for December delivery closed at $23.093 an ounce, down 14.88% for the week. Platinum for October delivery closed at $842 an ounce, down 10.28% for the week.

The gold market is oversold after falling to a two-month low on Monday as the dollar's strength has led to three consecutive declines, market analysts said. Investors began to cover short positions, sending gold higher for the next two days. At the same time, as the US election approaches, gold's weakness will not last for long and the medium-term outlook for the gold market remains positive.

International oil prices fell slightly on The 25th. Light crude for November delivery fell 6 cents, or 0.15%, to settle at 40.25 U.S. dollars a barrel on the New York Mercantile Exchange. London Brent crude for November delivery fell 2 cents, or 0.05%, to settle at $41.92 a barrel.

Oil prices in New York and Brent fell about 4 percent on Tuesday as expectations of a gradual resumption of crude exports from Libya and a rebound in the outbreak in Europe and elsewhere weighed on the outlook for oil demand. The number of active oil RIGS in the United States this week was 183, up four from the previous week and down 530 from the same period last year, according to data released By BAKER Hughes on Friday.

Futures for corn, wheat and soybeans on the Chicago Board of Trade fell this week. The most actively traded December contract on the Chicago Board of Trade corn market closed at $3.6525 a bushel Friday, down 3.5% for the week. Wheat for December ended at $5.4425 a bushel, down 5.35 percent for the week. The November contract closed at $10.025 a bushel, down 3.93 percent for the week.

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