Crude Oil Jumps as Lebanon Explosion Sparks Fears Over Instability ,Gold on Record High Trading above 2000$.

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Commodity Live News Tv- Crude Oil Jumps as Lebanon Explosion trading above 41$.

Footage showed what appeared to be a fire, followed by crackling lights and then a larger explosion as an enormous cloud of smoke engulfed the area around the Port of Beirut.

Authorities say it was caused by highly explosive materials at the port, but didn’t immediately say whether it was an accident or an attack.

Crude futures in New York clung to gains in after-market trading with the industry-funded American Petroleum Institute reporting a 8.59 million-barrel decline in U.S. crude inventories last week, according to people familiar. A U.S. government tally will be released on Wednesday.

Lebanon is reeling under its worst financial and economic crisis, with a sharp plunge in its local currency eroding purchasing power and throwing many into poverty and unemployment.

OPEC and its allies plan to ease historic output curbs this month, even with global virus cases above 18 million.

In physical markets, Bakken crude jumped $1.70 to 5 cents a barrel under Nymex oil futures, the smallest discount since May. This week, Mars Blend, a high-sulfur crude, rose to $1.30 a barrel above Nymex WTI futures, the widest premium in roughly a month.

Mcx Crude Oil will open near 3130.

Commodity Live News Tv- Gold is Continued to be Very Strong trading on record highs above 2010$ per Ounce.

The price of gold continues to be supported by ongoing weakness in the dollar as well as light at the end of the tunnel of negotiations for a new COVID-related aid package in the U.S.

Meanwhile, low interest rates continue to support the relentless march upwards of gold, with some experts predicting a possible negative interest rate environment.

Mcx Gold also on Record Highs Closes above 54500 level mark, May tocu 55000/56000.

Comex Gold May Touch 2040/2060$ in coming days.

Gold Rate Today.

22 Carat Gold Rate Today is 50900 per 10 gm.

24 Carat Gold Rate Today is 55530 per 10 gm.

Today ‘s Trend For Crude oil & Gold.

Crude oil above 3241 bullish and may touch 3280/3320 today & Below 3060 its Bearish and may touch 3010/2940.

Mcx Gold above 54641 bullish and may touch 54750/55000 & below 53448 may touch 53300/53100.

For any Query or any Holding positions in Mcx Crude & Gold can Call or whatsapp to 08050795677.

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