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Commodities round-up: Crude oil dips on demand concerns, rising Omicron cases

Updated : December 20, 2021 08:51:37 IST

Gold prices gained on safe-haven buying but everything else seems to be on the weaker side especially the crude oil prices because of demand concerns.

A 2.5 percent decline was seen in crude on Friday, December 17 and Monday morning it’s nearly 2 percent down.

Rising COVID-19 cases, travel restriction concerns and decline in equity markets seem to be weighing on commodities.

Also Read: JPMorgan bullish on crude oil, says prices can scale to $150/barrel

An increase in supplies globally and the global tightening cycle is underway and that seems to be weighing on as well.

Therefore, not just crude, but gasoline prices and natural gas also trading at 5-month lows.

Watch the accompanying video of CNBC-TV18’s Manisha Gupta for more details.
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