Bad Week for Oil and Iron Ore Gets Worse, Spurring Contagion

Bloomberg/05-05-17

Within minutes of U.S. crude-oil futures tumbling through $45 a barrel, signs of a broader risk-off swing started to emerge in markets, exacerbating what was already brewing as a worrying week for commodities.

Oil’s retreat to a level not seen since OPEC forged its landmark agreement to cut output last November stoked declines from iron ore to industrial metals and losses that many commentators had been putting down to individual supply and demand factors.

…Iron ore has lost about 12 percent this week in Singapore, the most since November, as the material used in steelmaking fails to shake concerns about supply and the outlook for Chinese demand.

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