Commodity News For Today- Crude Oil prices Opens in Green today Because boost in US crude imports.
Oil prices climbed higher on Monday, lifted by China’s plans to ship in large volumes of U.S. crude in August and September, outweighing concerns over a slowdown in demand recovery after the coronavirus pandemic and an uptick in supplies.
Chinese state-owned oil firms have tentatively booked tankers to transport at least 20 million barrels of U.S. crude for August and September, Reuters reported on Friday, as China ramped up energy and farm purchases ahead of a review of the Sino-U.S. trade deal.
Record crude imports from world’s top importer China and the easing of COVID-19 restrictions globally have supported oil prices, although new waves of coronavirus outbreaks in several countries are expected to cool consumption again.
ANZ estimated that demand has risen 8 million barrels per day (bpd) over the past four months to 88 million bpd – still 13 million bpd below this time last year.
Investors are looking for more clues on future supply from a meeting this week of a panel representing ministers of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+.
The meeting of the panel has been pushed back to Aug. 19, a day later than previously planned.
The panel, called the Joint Ministerial Monitoring Committee (JMMC), monitors OPEC+ production curbs agreed earlier this year. Last month the JMMC recommended that cuts be eased from Aug. 1 to about 7.7 million barrels per day (bpd) from a reduction of 9.7 million bpd since May, in line with an earlier OPEC+ agreement.
In the United States, meanwhile, the number of oil and natural gas rigs operating last week remained anchored at a record low for a 15th week, even as higher oil prices prompt some producers to start drilling again.
WTI Crude Oil Trading at 42.36$.
Brent Oil Trading at 45.10$.
Mcx Crude oil will open near 3160.
Commodity News For Today- Gold Prices are Trading in Green Near 1950$ per Ounce Today.
Gold Weekly Price Analysis – August 08 Further increase in the bulls’ momentum may push the price to break up $1,984 resistance level in which it may extend to the previous high at $2,020 and $2,074. Continuation of the bearish trend may expose the price to the demand levels at $1,901 and $1,871. XAUUSD.
Resistance levels: $1,984, $2,020, $2,074
Support levels: $1,935, $1,901, $1,871
Gold reached a high of $2,074 on August 06. The key resistance level is the high of the year at the moment for Gold.
The level could not be penetrated by the bulls and the price sells off from the level sharply to the support level at $1,909 with the formation of strong and massive bearish candles.
On August 12, the yellow metal declined further to test the demand level of $1,871 but the bulls defended the level and the daily candle turned to long-legged Doji.
The buyers pushed up the price and the market closed above $1,935 price level.
Gold Rate Today
22 Carat Gold Rate Today is 49670 per 10gm.
24 Carat Gold Rate Today is 54200 per 10gm.
Today ‘s Trend For Crude oil & Gold.
Crude oil above 3169 bullish and may touch 3200/3000 today & Below 3093 its Bearish and may touch 3020/2940.
Mcx Gold above 53014 bullish and may touch 53200/53500 & below 51443 may touch 51250/51050.
For any Query or any Holding positions in Mcx Crude & Gold can Call or whatsapp to 08050795677.