Commodity News Alert- Crude Oil Trading in Range 41$, no any clear trend for the Momentum.
Saudi Arabia may have little choice but to reduce the price of its oil as OPEC and allied producers start to ease output curbs amid weakening demand that’s crashed the value of physical supplies.
Aramco is expected to cut the official selling price for its flagship Arab Light grade by 48 cents a barrel for September sales to Asia, the median estimate in a survey of eight traders and refiners across the region shows.
It would be the first drop in four months after a series of hikes that came as OPEC+ cut output and consumption recovered as Asian economies emerged from lockdowns.
Other Middle Eastern producers may be forced to cut OSPs as OPEC and its allies such as Russia start to ease output curbs from next month.
Global benchmark Brent crude is poised for a third straight monthly gain, but August may prove to be more challenging as the increase in supply hits a global economy.
WTI Crude Oil Trading at 41.25$.
Brent Crude Oil Trading at 44.12$.
Mcx Crude Oil Trading at 3100.
Commodity News Alert- Gold may touch 2000$, Trading near 1960$.
Spot gold climbed after the Federal Reserve repeated a vow to use all tools to support the U.S. economy and extended emergency measures to ensure the global financial system has access to a ready supply of U.S. dollars.
Bullion for immediate delivery rose as much as 0.5% to $1,968.76 an ounce following the Fed’s policy decision Wednesday. The central bank left its benchmark interest rate unchanged near zero.
Mcx Gold Trading at 53330 .
Gold Rate Today
22 Carat Gold Rate Today is 49860 per 10 gm.
24 Carat Gold Rate Today is 54360 per 10gm.
Today ‘s Trend For Crude oil & Gold.
Crude oil above 3132 bullish and may touch 3180/3250 today & Below 3020 its Bearish and may touch 2970/2900.
Mcx Gold above 53869 bullish and may touch 54000/54200 & below 52507 may touch 52400/52200.
For any Query or any Holding positions in Mcx Crude & Gold can Call or whatsapp to 08050795677.