On Thursday, the oil price extended previous losses and the front-month futures contract on Brent settled at 107.03 USD per barrel (USD/bbl). The Brent price was undermined by a negative revision of eurozone GDP growth outlook by the ECB and is set to post the largest weekly loss in five weeks. At the time of writing, Brent is trading for 107.2 USD/bbl.
Regarding the PJK International data on European oil stocks, it showed an increase in gasoil stocks (similarly to the development in the US). European gasoil market thus remains calm – gasoil forward curve (ICE) remains in a relatively deep contango.
Base metals prices fell almost exclusively on Thursday as worsening global sentiment weighed on prices. Aluminium price fell by 0.71 percent and thus dipped back below 2100 USD per ton (USD/t) level. Today in early trading, the price of the metal is seen just shy above resistance at 2080 USD/t while the price of copper is hovering at 8000 USD/t level.