Crude oil prices below $110 on fall in global equity markets, inflation, and growth concerns

The crude oil is trading below the USD 110 per barrel mark on the back of a decline in global equities, inflation, and global growth concerns. The US crude inventories also declined for the third straight week by 3.4 million barrels.

On the other side, Russia's production has also seen a decline of 9 percent for the month of April, however, hopes of further lockdown easing in China boosted expectations of a recovery. Authorities allowed 864 of Shanghai's financial institutions to resume work, sources said, and China has relaxed some COVID test rules for the US and other travellers.

However, there is no such luck in the metal prices whether it is copper, nickel, aluminium, zinc, steel, or iron ore, everything is trading negative with the decline in the global equity markets, weak economic data, demand concerns and increase in inventories that have taken place in the last one month.