Commodities
Oil prices lost ground as concerns about an economic downturn resurfaced and investors became increasingly wary of the U.S.'s buildup of oil inventories.
- Brent crude lost 1.3% on the day and U.S. West Texas Intermediate fell 1.2%.
- JP Morgan believes that oil prices are unlikely to rise above $100 per barrel in 2023 unless geopolitical tensions drive prices up.
- OPEC+ is expected to announce that it will maintain its current output level when it meets next week.
| Oil (NYSEARCA:OIL) | 30.54 | -1.52% |
| Gold (NYSEARCA:GLD) | 180.28 | 0.36% |
| Silver (NYSEARCA:SLV) | 21.76 | 0.83% |
| Corn (NYSEARCA:CORN) | 26.50 | 1.34% |
| Lumber (NASDAQ:WOOD) | 76.59 | 0.10% |
*Commodity prices are as of 7 am ET. Data from MarketWatch. To understand why investors track the prices of these commodities, click here.
