Global Markets Slightly Down Amidst Dip in Crude Oil Prices and Cautious Investor Sentiment

On Monday, Brent crude and West Texas Intermediate (WTI) crude both saw a slight dip in prices, with Brent crude dropping 16 cents to $77.28 a barrel and WTI crude dipping 20 cents to $73.51, paring gains from the previous session. The Brent crude price was down 30 cents, or 0.4%, at $76.71 and WTI crude fell 26 cents, or 0.4%, to trade at $72.90 at 0340 GMT. Brent futures also fell 13 cents, or 0.2%, to $75.19 a barrel by 0015 GMT, while WTI crude fell 13 cents, or 0.2%, to $71.53. The drop in prices comes in the midst of tensions between the US and Iran, as well as concerns about a potential global oversupply of crude oil.

Meanwhile, spot gold held its ground at $2,017.54 per ounce by 0335 GMT after rising more than 1% in the previous session.[0] However, spot gold fell 0.3% to $2,028.51 an ounce.[1] US futures also saw a mixed bag, with the Dow Jones and S&P 500 both seeing gains while the Nasdaq fell slightly. Investors exercised caution as they waited for the US inflation report to gain insights on the potential path of Federal Reserve rate hikes, causing both European stocks and US equity futures to slightly decrease.[1]

The most recent statistics from the United States have reinforced the idea of a more aggressive monetary policy stance by the Federal Reserve.[2] Within 24 hours, the likelihood of a 25-basis point increase in interest rates in May increased from 83.9% to 93.2%, as reported by the CME FedWatch Tool. The probability of a 25-basis point interest rate hike in June rose considerably from 23.9% to 27.7%.

In Asia, the MSCI Asia Pacific Index fell 0.4%, while the MSCI Emerging Markets Index also saw a 0.4% drop.[1] The euro remained little changed at $1.0958, while the Japanese yen was also little changed at 135.16 per dollar.[1] The offshore yuan was also little changed at 6.9270 per dollar.[1]

Overall, the global market remains cautious amidst geopolitical tensions and potential global economic instability. Investors will continue to monitor the situation carefully and adjust their strategies accordingly.

0. “Asia-Pacific markets largely fell ahead of Fed policy decision, tracking losses on Wall..” Seeking Alpha, 3 May. 2023,

1. “US futures, stocks muted as caution prevails ahead of CPI” Yahoo Canada Finance, 10 May. 2023,

2. “Hang Seng Index, ASX200, Nikkei 225: Hang Seng Bucks a Bearish Trend” FX Empire, 1 May. 2023,