Crude-oil futures settled sharply lower Tuesday as investors weighed a batch of downbeat views on global economic growth, including news that China’s economy expanded at its slowest pace in decades.
As well, natural gas prices came under pressure.
Crude futures for delivery in February CLG5, -5.26% fell $2.30, or 4.7%, to end at $46.39 a barrel. Oil resumed its losing ways after finishing Friday with a weekly gain, snapping a seven-week streak of declines.
March Brent crude LCOH5, +0.85% also succumbed to sellers, falling 85 cents, or 1.7%, to settle at $47.99 a barrel.
In other metals, March silver futures SIH5, +1.11% advanced 21 cents, or 1.2%, to settle at $17.96 an ounce.
Platinum for April delivery PLJ5, +0.00% rose $17.20, or 1.4%, to settle at $1,286.60 an ounce, while palladium for March delivery PAH5, +0.39% advanced $24.45, or 3.2%, to settle at $778.75 and ounce.
On the other hand, high-grade copper for March delivery HGH5, -0.58% declined just over 2 cents, or 0.9%, to settle at $2.59 a pound.
Gold gained for a seventh straight day to settle at its highest price in five months Tuesday, after the Swiss National Bank last week triggered turmoil in currency markets and investors looked ahead to this week’s meeting of the European Central Bank.
Gold for February delivery GCG5, +0.23% settled up $17.30, or 1.4%, at $1,294.20 an ounce, on the New York Mercantile Exchange. That’s the highest settlement for gold since Aug. 19. The seven-day rally has resulted in a 7.1% rise in gold prices.
