Commodity roundup: Oil slumps on oversupply concerns, while gold, silver trade in green
Seeking Alpha News (Tue, 15-Apr 6:26 AM)
With signs of waning demand and possible oversupply, crude oil declined 0.50% towards $61.22 per barrel. Brent traded 0.44% lower to $64.6 per barrel on Tuesday after U.S. President Donald Trump hinted at another tariff exemption.
The International Energy Agency warned that a global surplus might last until 2026, drastically chopping its 2025 demand forecast. OPEC and the EIA also lowered their outlooks due to slower growth, trade tensions, and weaker fuel consumption. Fears of a global slowdown are driving investor sentiment in the U.S. and China, the top oil consumers.
Adding to supply concerns, OPEC is accelerating production increases, while U.S.-Iran nuclear talks could eventually allow more Iranian crude to hit the market.
The US dollar index (DXY) edged higher toward 100, recovering slightly from recent lows
In precious metals, gold ((XAUUSD:CUR) rose 0.44%, trading above $3,226 per ounce as markets see uncertainty over President Donald Trump’s tariff plans. This continued to drive safe-haven demand for the yellow metal.
Silver prices held steady, 0.23% higher to around $32.37 per ounce, pausing a four-session rally as investors digested mixed signals on U.S. trade policy and its broader economic implications.
Copper futures held above $4.60 per pound, hovering near a one-week high, as global risk sentiment improved.
Market optimism was buoyed by Trump’s recent decision to exempt key tech products from reciprocal tariffs and reports suggesting a possible pause on his 25% auto import levies.
ETFs related to commodities: (NYSEARCA:USO), (NYSEARCA:BNO), (NYSEARCA:UCO), (SCO), (NYSEARCA:USL), (NYSEARCA:DBO), (NYSEARCA:DRIP), (NYSEARCA:GUSH), (NASDAQ:USOI), (NYSEARCA:UNG), (NYSEARCA:BOIL), (NYSEARCA:KOLD), (NYSEARCA:UNL), (NYSEARCA:GLD), (NYSEARCA:GDX), (NYSEARCA:GDXJ), (NYSEARCA:IAU), (NYSEARCA:NUGT), (NYSEARCA:PHYS), (NYSEARCA:GLDM), (BATS:AAAU), (NYSEARCA:SGOL), (NASDAQ:RING), (NYSEARCA:BAR), (NYSEARCA:OUNZ), (NYSEARCA:SLV), (NYSEARCA:PSLV), (NYSEARCA:SIVR), (NYSEARCA:SIL), (NYSEARCA:SILJ)
