Weak oil prices · Disappointing Qualcomm financial guidance | EBC Global Focus

On Friday (February 6), crude oil prices continued to decline as market concerns over Middle East supply disruptions eased, shifting focus to the results of U.S.-Iran nuclear talks to be held later that day in Oman.

The two major benchmark crude oil prices are heading for their first weekly decline in over a month, down more than 3% from the near six-month highs hit in late January when Trump threatened to strike Iran.

Despite disagreements between the U.S. and Iran over whether the talks should cover Tehran’s missile arsenal and nuclear program, the two countries have agreed to hold talks in Oman.

Meanwhile, tensions between Saudi Arabia and the UAE escalated. In Yemen, UAE-backed southern separatists made significant advances in oil-producing areas before being repelled by Saudi-backed forces.

When asked about OPEC+'s production increase plan on Tuesday, Russia's Deputy Prime Minister said demand would gradually recover during the peak driving season in the coming months.

U.S. Energy Information Administration data showed that as of the week ending January 30, U.S. crude oil and distillate inventories fell, while gasoline inventories rose. The actual figures were lower than expected, indicating resilient demand.

Brent crude is expected to remain range-bound ahead of the meeting. If the consolidation continues for some time, oil prices could first retreat slightly to $67.

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As of the close on February 5, among EBC's main products, Equifax led the gains, posting 9% revenue growth in the fourth quarter despite cooling U.S. employment and mortgage markets.

Qualcomm shares plunged after the company issued disappointing earnings guidance, as surging demand for AI data centers is eating into memory chip supplies for consumer electronics.

Gold prices also tumbled as investors pulled out of recently flooded physical assets. Analysts noted that the precious metals market remains volatile after last Friday's wild swings.