Brent oil futures fell 49 cents, or 1.1 percent, to $ 44.5 per barrel.
WTI oil futures price fell 33 cents, or 0.8%, to $ 41.61 / barrel.
The profit taking trend started to appear before the US released weekly inventory. After the market closed, data from the American Petroleum Institute showed that inventories fell 4 million barrels last week, higher than the forecast for a decline of 2.9 million barrels from analysts. Official figures will be announced on August 12.
The Democratic and Republican leaders in the US Senate continue to attack each other on the approach to the next economic aid package, not mentioning the resumption of negotiations and no progress regarding the relief of goods tens of millions of people are unemployed due to the Covid-19 pandemic.
“There is skepticism about the next package and news from Russia,” said Gary Cunningham, director of market research at Tradition Energy.
Russian President Vladimir Putin announced on August 11 that Russia became the first country in the world to license a Covid-19 vaccine. However, this move faced skepticism from some experts.
CEO Amin Nasser of Saudi Aramco’s state-owned oil company, Saudi Aramco, expects demand to recover in Asia as economies reopen.
Manufacturing data in China in July tended to return to pre-pandemic period, adding signs that the world’s number two economy is gradually recovering.
Gold price on 11/8 sometimes dropped to 5.3%, the strongest in 7 years, because investors switched to risky assets after appearing positive economic data and S&P sometimes increased near the top of the calendar used in February.
Spot gold price on New York floor decreased 117.9 USD to 1,910 USD / ounce, the deepest drop since June 2013.
Gold futures prices fell 4.6% to $ 1,946.3 / ounce.
Spot gold price on New York floor on 11/8.
Silver price dropped 13.4% to 25.24 USD / ounce, in session down by 13.8%, the strongest drop since October 2008.
Price of platinum decreased 4.7% to 940.08 USD / ounce.