Oil prices near two-week low
Mihir Kapadia, CEO and Founder, Sun Global Investments
Oil prices are at a near 2-week low in Asian trading after losses in the US time due to continued concerns of fuel demand easing while US output edged higher. The price weakness comes despite upbeat data on oil storage level, with the EIA reporting crude stockpiles shrank by 6 million barrels last week more than the 300,000 barrel decline that had been expected.
Gold prices were slightly weaker in Asia as caution dominated ahead of Friday's US jobs report. Gold has been under pressure as positive US economic data that has fuelled expectations of another rate increase this year and a strong jobs report could add to the negative sentiment. The absence of Chinese buyers due to holidays and a weak Indian festival season demand are also negative factors