International oil prices continued to plunge on Wednesday, amid fears that the US-China trade conflict would intensify.
On the other hand, gold, considered a safe asset, has skyrocketed, surpassing the $ 1,500 per ounce in six years.
The West Texas Crude Oil (WTI) for September at the New York Mercantile Exchange (NYMEX) closed at $ 51.09, slipping 4.7% ($ 2.54) per barrel from the previous day.
The lowest level in about seven months.
The October Brent induction at the London ICE futures exchange is also trading at $ 56.56, down 4.04% ($ 2.38) per barrel as of 3:36 pm.
International oil prices have been falling sharply in recent years due to the growing US-China trade war and global economic recession.
Gold, a 'safe asset', continued its strength.
At the New York Mercantile Exchange, December delivery rose 2.4 percent ($ 35.40) per ounce to $ 1,519.60 an ounce higher than the previous day.
Reuters says gold has surpassed $ 1,500 in about six years.
(Photo: Yonhap News)
International oil prices plummet due to intensified trade war Gold surpasses $ 1,500 in six years
2019-08-07T21:54:46.114Z
International oil prices plunged on Wednesday after fears of a sharp rise in US-China trade conflicts. On the other hand, gold, considered a safe asset, has skyrocketed, surpassing the $ 1,500 per ounce in six years. West Texas crude oil for September, at the New York Mercantile Exchange, was 4.
Source: sbskr