Futures in New York fell 16 percent this week, marking the biggest weekly drop since December 2008. Oil prices have tumbled almost 27 percent this year on concerns the coronavirus outbreak will dent crude demand. Saudi Arabia is reportedly pushing for collective OPEC+ production cuts of an additional 1 million barrels per day, of which it would bear the brunt. The alliance’s overall compliance with production cuts has not been enough to support oil prices. Gold fell US$75.90 to US$1,564.10 per ounce and silver fell US$1.27 to US$16.39 per ounce, while copper fell US$0.02 to US$2.55 per pound.

Source: Taipei Times February 29, 2020 15:56 UTC