FROM PAGE 1

Morgan Stanley analysts lowered their price forecasts for Brent crude by $5 a barrel to $65 for the second quarter, $62.50 for the third quarter and $62.50 for the fourth.

World coffee and cocoa prices hit fresh multi-month lows.

Both robusta LRCc2 and arabica KCc2 coffee futures traded on the ICE exchange hit their lowest in more than four months, while London and New York cocoa LCCc2, CCc2 hit five-month lows. In other soft commodities, raw SBc1 and white sugar LSUc1, hit one-month lows.

Copper extended its decline, with Chinese prices touching an eight-month low.

Benchmark three-month copper CMCU3 on the London Metal Exchange extended losses after China’s tariff retaliation, but later pared losses and was down 0.2 percent at $8,643 per metric ton at 1358 GMT.

LME copper has tumbled 20 percent since touching its highest in more than nine months on March 26 at $10,164.50.

In European gas markets, the benchmark Dutch front-month contract TRNLTTFMc1 was down almost 5 percent at 33.87 euros per megawatt hour or $10.96 per million British thermal units, LSEG data showed.

However, some markets bucked the trend. Gold prices XAU= climbed around 3 percent as traders sought a safe haven from the market turmoil. Silver XAG= rose around 1.7 percent.

Chicago soybeans climbed for a third session, rebounding from four-month lows hit earlier in the week, aided by rising prices in Brazil and a softer dollar.