Yahoo Finance

Let's turn now to oil. It's continued to slide as fears of cratering demand steep and losses from last week. Yahoo Finance's Ines Ferre joining us here with more. Hi, Ines.

Hi, Julie. And we saw today that oil tumbled about 2%, but remember last week we saw losses of 11% last week. So we're looking at right now WTI at around $61 per barrel, uh Brent crude hovering around $64 per barrel. Of course, the trade war, cratering demand fears, GDP forecasts, those are coming down. Also over the weekend, you had Saudi Arabia that lowered the price of its flagship oil for its Asian buyers. So that also put pressure on oil. And that came after last week, OPEC Plus said that it was going to raise output in May, more than what the street had been expecting. So where do we go from here? Well, Goldman Sachs is saying that they have now lowered their price target for oil for WTI, expecting in 2025 WTI to be at $58 a barrel on average and Brent crude at $62 a barrel on average. Uh, city analysts are saying that they're seeing a floor though when it comes to these tumbling oil prices because they're saying that OPEC Plus is not going to want Brent below $60 a barrel and US shale will not want Brent to or or oil to go much lower. Uh, do want to mention some other commodities, and that is that gold, we saw today going below that $3,000 threshold. Gold had risen above that $3,000 threshold in mid-March, and it's made multiple highs over the year. So really pulling back a little bit when it comes to the overall market. Uh, we had had analysts that are had been saying, if you see stocks coming down, there may be margin calls, traders will need to sell what they need to sell. But I do want to point out over the last six days, just take a look at gold's performance. Down 4% over six days span. But look, compared to other metals, silver, much lower, copper also much lower. So gold really holding up when it comes to the metals, guys.

Ines, thank you very much. Appreciate it.