NEW YORK, April 5- Oil prices hit eight-month lows and a key commodities index posted its biggest weekly loss in five months on Friday after disappointing U.S. jobs data reinforced fears of a stagnating economy. Corn had its sharpest weekly tumble in 21 months.
If unrest in the Middle East continues at the current pace, it will be hard to persuade investors that events will not spill over into Saudi Arabia, an analyst told CNBC.
Brent crude oil, which has historically traded at a discount to the Nymex's West Texas Intermediate (WTI) crude oil grade, has been trading at a premium of over $10 for the past several weeks. It has lead many to ask: why?
Mideast tensions are growing. Technical levels are being breached. And there’s a long weekend ahead. All reasons for traders to cover short positions on oversold oil futures and take profits on positions that have skyrocketed over the past few weeks.