Shanghai crude oil futures 2612 contract falls 4.47% in night session to 694.80 yuan/bbl

The sharper move is the divergence: crude's steep night-session slide alongside a firmer silver and only marginally weaker gold suggests the selling is concentrated in energy rather than a broad risk-off repricing across Shanghai commodities. That distinction matters for traders watching whether the weakness reflects oil-specific positioning or a wider shift in the complex. The open question is whether the crude decline extends into the next session or is absorbed, and whether silver's relative strength holds if energy weakness spreads.