Commodity Capsule: Crude prices edged higher on Friday amid deep weekly losses due to one of the oil market’s worst tumbles for the year

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For the week, US WTI was down 9 per cent, heading for its sharpest weekly loss since April, after a five-week low of $82.16.

For the week, Brent crude was down over 11 per cent, on course to its sharpest weekly loss since March, after a five-week low of $83.80.

The selloff in oil came on the back of sagging fuel demand in the US, which had left gasoline consumption at its lowest seasonal level in 25 years. US gasoline stockpiles rose by 64.8 Lakh barrels last week, the single largest weekly build since January 2022.

Eyes on September US jobs data, due later on Friday, being the final major development for this week awaited by markets.

Federal Reserve will be closely watching the jobs report for ideas on what to do with interest rates at its forthcoming policy meeting in November.

The central bank has maintained projections that it will likely need a quarter-point hike in either November or December.

Oil prices fell on concerns about what the ramp-up over the past two months in US Treasury yields and the dollar could do to international demand for crude.

LME Copper eased on Friday, on track for its steepest weekly decline in nearly 11 months, as a firm dollar and high inventories weighed.

Copper was down 4.6 per cent on a weekly basis, set for the worst weekly performance since the week ended Nov. 18 last year.

The dollar index was set for its 12th consecutive week of gain.

LME copper inventories climbed to 169,900 tons, the highest since May 2022.

LME aluminium, on a weekly basis, was down 4.7 per cent, on track for the biggest weekly decline since February 10.

LME nickel extended its fall to the fourth straight session. The contract was set for the fifth consecutive week of decline.

LME zinc was down for every trading day of the week and was on track for the biggest weekly decline since the week ended December 16 last year.

LME lead on a weekly basis it was down 1.5 per cent, set for the third straight week of decline.

Gold paused near a seven-month low on Friday after declining for the ninth straight session.

Investors eye US nonfarm payrolls data that could determine whether interest rates will be raised again.

Prices have closed lower in all of the previous trading sessions since Sept. 25, extending losses by 1.5 per cent so far this week.

US 10-year bond yields held near 16-year highs and the dollar remained on track for 12 straight weeks of gains.

Federal Reserve officials on Thursday indicated little concern that the recent rise in US Treasury yields could imperil a "soft landing" for the economy and said it could actually help the central bank in its fight against inflation.

Data showed the number of Americans filing new claims for unemployment benefits rose moderately last week, while layoffs declined in September.

US trade deficit shrank to its smallest in nearly three years in August, with exports of capital goods hitting a record high.

SPDR Gold Trust said its holdings fell 0.2 per cent to 867.58 metric tons on Thursday, their lowest since August 2019.

Malaysian palm oil futures extended losses for 2nd straight session on Friday, tracking weakness in Chicago #soyoil.

BMD palm oil's December delivery was down to the lowest level since June 23.

The contract has shed over 4.5 per cent on a weekly basis.

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