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concerns about the global macro-economy have put pressure on commodities such as crude oil. copper prices remain weak, and gold prices, which have pre-empted expectations of a fed rate cut, have also been fluctuating at high levels.

on september 11, opec lowered its forecast for oil demand growth this year and next, which dealt another heavy blow to oil prices, which had been falling for four consecutive weeks. wti crude oil fell below $66 per barrel, hitting a one-and-a-half-year low. there is no sign of a halt to the decline yet.

earlier, the us non-farm payrolls data for august was lower than expected, showing signs of a slowdown in the labor market, and the pmi in august was below the 50 boom-bust line for five consecutive months. the second-quarter economic growth of the eurozone and the eu was lowered to 0.2%, and japan's second-quarter gdp growth was also revised down to 2.9%. china's data has always been crucial to oil and copper prices, but this week's trade data showed that the import volume growth of crude oil and coal in august dropped sharply from -3.1% and 17.7% in july to -7.0% and 3.4%, respectively.

people from mainstream international institutions interviewed by china business news believe that macro risks will continue to put pressure on oil and copper prices. recently, goldman sachs, morgan stanley, citigroup, and hsbc have all been bearish on oil prices and have lowered their target prices. in contrast, gold bulls are still dominant, but institutions generally believe that gold prices depend on the pace of the fed's interest rate cuts and the fermentation of geopolitical risks, and the rise in the third and fourth quarters may slow down.

oil price outlook bleak amid weak global demand

wti crude oil plunged nearly 4% overnight, closing below $66 a barrel, the lowest level since may 2023. brent crude oil even hit a new low since november 2021.