Crude oil prices fell sharply at the end of last week and have extended their losses as the new week begins. At the time of this writing, Brent oil was back at $50 per barrel and WTI was hovering around $48.50, a good 6% off its high on Thursday.
Gold is on track to chalk up solid gains for a second week running. Although the dollar has bounced back in the last couple of days of this week, it had fallen sharply the week prior, as contrary to the FOMC’s last meeting minutes, the Fed made it clear that a rate hike on Wednesday of next week was highly unlikely. The Fed expressed concerns about the May U.S. jobs report and the potential implications of Britain leaving the EU (Brexit). The probability of a July rate rise has also fallen quite sharply.