Commodity News Live-Crude oil prices eased slightly on Thursday but held most of their gains from the previous session after U.S. government data showed a fall in inventories, supporting the view that fuel demand is returning despite the coronavirus pandemic.
U.S. crude oil, gasoline and distillate inventories fell last week as refiners ramped up production and demand improved, a government report showed.
U.S. fuel demand rose to 19.37 million barrels per day last week, the highest since March, data from the Energy Information Administration (EIA) showed, while crude output fell to 10.7 million barrels per day (bpd) from 11 million bpd.
Crude inventories fell by 4.5 million barrels, compared with analysts’ expectations in a Reuters poll for a 2.9 million-barrel drop.
Increasing uncertainty over a stalemate in Washington on a stimulus package to support recovery from the deepest impact of the coronavirus pandemic may also weigh on prices.
WTI Crude Oil Trading at 42.66$.
Brent Crude Oil Trading at 45.40$.
Mcx Crude oil will open near 3190.
Commodity News Live-Gold Big Drop Yesterday Below 1900$ but again gives up correction and trading near 1950$ per Ounce.
Gold was down on Thursday morning in Asia, with investors digesting increasing bond yields and a weaker dollar alongside hopes for a new COVID-19 vaccine.
Bond yields edged higher, but the dollar saw losses on Thursday. The movements were partly attributable to a fifth day of the U.S. Congress standstill over the latest stimulus measures, with Republican and Democrat negotiators trading blame on Wednesday for the stalemate.
Meanwhile, Republicans continued their refusal to budge on an initial $1 trillion offer.
There was further news over a potential COVID-19 vaccine on Wednesday, with Russia announcing that the first batch of its COVID-19 vaccine Sputnik-V would be ready for some medics within two weeks.
Mcx Gold yesterday almost made low below 50000, and closes near above 52000.
Gold Rate Today
22 Carat Gold Rate Today is 50060 per 10gm.
24 Carat Gold Rate Today is 54610 per 10gm.
Today ‘s Trend For Crude oil & Gold.
Crude oil above 3233 bullish and may touch 3270/3300 today & Below 3122 its Bearish and may touch 3020/2940.
Mcx Gold above 53872 bullish and may touch 54000/54500 & below 50641 may touch 49800/49600.
For any Query or any Holding positions in Mcx Crude & Gold can Call or whatsapp to 08050795677.