Oil, metal prices sink on demand concerns

Everything in commodities has seen a very sharp decline overnight. Crude oil prices sank 6 percent overnight. It is a strength in the US dollar, weak demand concerns and the China COVID-19 restrictions continued for another month clearly seem to be weighing on.

Not just crude, metals are also declining sharply. Silver, within the metal space, saw very sharp falls, and the prices fall to 21-month lows. Copper prices have fallen to the lowest levels in five months, aluminum prices are also trading at the lowest levels in the last four and a half months. Gold prices are down 1.5 percent overnight.

Weak manufacturing factory data has been witnessed, weak gross domestic product (GDP) numbers are coming in from various countries and the strength in the US dollar is making it even more difficult to buy them.