Amid fears the Sino-U.S. trade ward may lead to a global economical drop Oil prices fell 0.4% on Wednesday. Brent Oil was trading at $69.9 while WTI crude futures were at $58.70 down by 0.7%.
Oil declined prices have triggered investor concerns about the global demand and the lack of supply on Oil amid the growing trade war between U.S. and China.
The global demand on the flowing gold is still holding up despite the economic concerns. Investors are more concerned about the physical commodity market credit availability and tightening.
The uncertainty in the global markets and specifically the Middle East region formulates a supply risk that may affect the crude prices dramatically.
OPEC and some allies including Russia are due to meet in late June or early July to discuss output policy going forward.