Commodity wrap: oil slips 2% on US-China tensions; gold, silver hit new highs

Core Viewpoint - Oil prices decreased by more than 2% due to concerns over oversupply and rising tensions between the US and China [1] Oil Industry - The decline in oil prices is attributed to oversupply concerns, indicating a potential imbalance in the market [1] - The geopolitical tensions between the US and China are negatively impacting market sentiment, contributing to the drop in oil prices [1] Gold Market - Gold prices continued to rise, surpassing $4,100 per ounce, indicating a strong demand for safe-haven assets amid market volatility [1]