In this January futures news roundup, we’ll look at how crude oil prices have stayed in freefall, why gold is attracting some investors and why copper is about to post its worst January in 27 years.
The bear camp maintains the advantage, but severely oversold technical conditions leave the crude oil market vulnerable to a short-covering bounce.
Crude oil prices rose slightly on Thursday – a move that many analysts say is a brief respite in a market that remains volatile.
This monthly roundup will look at how crude oil looks to end the year, gold’s up and down month and how copper is seems ready to post its worst year since 2011.
Several dollar-denominated commodities saw their prices drop to end the week.
Oil futures slid on Thursday for the fifth time in six days after OPEC reduced its expected price forecasts of oil, but some analysts noted that the decline was muted by positive factors in the market.
Oil futures stabilized somewhat on Wednesday, but are still mired in their lowest prices since the beginning of the decade.
Natural gas saw its sixth-straight day of gains and held strong above the $4 mark as concerns about impending freezing temperatures across regions of the United States drove interest.
Oil fell to a three-year low on Tuesday, which may have been prompted by price cuts in Saudi Arabia expanding the reach of a recent sell-off.
Crude oil futures tumbled to open the week, with analysts pointing to weak Chinese manufacturing data and expectations regarding Saudi Arabia’s price announcements as the most likely culprits for the move.