Crude Slumped as OPEC Signaled to Tolerate Price Fall

Commodities resumed weakness, although further encouraging US job data lifted equities. Strength in the US dollar was the key reason pressuring gold. The benchmark Comex contract slipped -0.85%. Investors were also concerned as a Reuters survey predicted that gold price would hit US$1000/oz by year end. Selloff in crude oil prices was driven by oversupply worries as OPEC signaled that the members would not cut output despite price declines.

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Crude Slumped as OPEC Signaled to Tolerate Price Fall