International crude oil prices fluctuated downward on Friday, hitting four-week lows.
As investors are worried that central banks of many countries such as Federal Reserve will raise interest rates, causing the global economy recession, reducing the demand for energy products such as crude oil, the Brent crude oil futures price plummeted 6.69, a drop of 5.6%, closing at US$113.12 per barrel.
US West Texas Light Crude Oil (WTI) plummeted $8.03, or 6.08%, closing at $109.56 per barrel.
In addition, US President Biden will visit the Middle East oil-producing countries next month. Although Russia has suffered sanctions from Western countries, it still hopes to expand crude oil product exports and also put pressure on the price of crude oil.
In addition, the price of the US dollar against a basket of currencies has reached its highest point since December 2002, making it increasingly expensive for global crude oil buyers to use other currencies to purchase crude oil.
US stock market will be closed next Monday, and the domestic crude oil and commodity ETF trend is not optimistic on Monday.
Commodity stock price represented by Cathay Commodity LOF (160216) has risen from 0.169 during the pandemic to 0.528, with rising by more than 210%.
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