Oil prices declined amid concerns about demand.
Oil prices decreased during Monday’s trading after registering the largest weekly gains since early April amid ongoing concerns about demand.
US Treasury Secretary Janet Yellen mentioned in an interview with CBS on Sunday that the risk of a recession in the United States is not completely off the table.
Brent crude futures for September delivery fell by 0.85% or 67 cents to $77.8 per barrel.
Similarly, US crude futures for August delivery dropped by 0.87% or 64 cents to $73.22 per barrel.
Oil prices are down by approximately 9% this year due to the slower economic recovery in China and the tightening monetary policy by major central banks.
Gold prices slightly dropped amid the rise of the dollar.
Gold prices fell slightly during Monday’s transactions as the dollar rose after recent data raised doubts about the strength of the US labor market.
Gold futures for August delivery fell by 0.17% or $3 to $1929.2 per ounce, while the spot price remained steady at $1924.48.
Silver futures for September delivery decreased by 0.06% to $23.285 per ounce, and the spot price of platinum declined by 0.44% to $906.00.
The dollar index, which measures the performance of the US currency against a basket of six major currencies, rose by 0.17% to 102.45 points.
Nikkei Index dipped, marking its longest losing streak of the year.
The Nikkei index fell by 0.61% to 32,189.73 points at the close of a volatile session. The index initially rose by 0.53% in morning trading and then declined by 1% in afternoon trading.
The index has decreased by 4.63% since reaching its highest closing level in 33 years at 33,753.33 points a week ago.
Of the 225 stocks listed on the Nikkei index, 150 stocks declined, 73 stocks rose, and two remained unchanged.
The energy sector was the only gainer after crude oil prices rose two dollars per barrel to their highest level in 9 weeks on Friday. The basic materials sector recovered from early losses and closed unchanged.
Healthcare stocks declined by 1.34%. Additionally, the broader Topix index declined by 0.51% to 2,243.33 points.
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