Oil slid around 3% on Monday to its weakest since 2021, while most commodity markets including metals tumbled as an intensifying trade war between the United States and China triggered worries over demand for raw materials. - REUTERS
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00:00Oil slid 3 per cent on Monday to its weakest level in four years. Brent futures and US-West
00:08Texas Intermediate crude futures hit their lowest since April 2021. Both benchmarks have
00:15lost more than 10 per cent over the last week. It follows a large drop in oil prices Friday
00:20as markets worry US-China trade tensions could cause a recession. They fear it could see
00:26a fall in demand for crude, while OPEC plus looks to increase supply soon. Oil prices
00:31are an important indicator for Russia's financial health. Here's Kremlin spokesperson Dmitry
00:37Peskov.
00:38Of course, this is an indicator that is very important for us, very important for filling
00:46our budget. And of course, we are following the situation very closely, which is currently
00:54extremely turbulent, tense and emotionally overloaded.
01:02Commodity markets, including metals, also fell. Base metal prices in China dropped,
01:07with copper on the Shanghai futures exchange falling 6 per cent, hitting its lowest in
01:11more than three months. Gold climbed to a record peak last week, but later dropped amid
01:16a wider market sell-off. However, gold prices paired earlier losses Monday as some safe
01:21haven demand filtered through, and analysts held an up-beat outlook for bullion.
01:26Investors are worried about the intensifying trade war between the US and China and its
01:30impact on demand for raw materials. Major stock indexes plunged as US President Donald
01:36Trump showed no sign of backing away from his sweeping tariff plans. Investors bet the
01:41rising risk of recession could see the Federal Reserve cut interest rates as early as May.