Commodity News Mcx – Crude Oil Falls as Producers are not Concern to Production cuts for futures as they Promised.
Saudi Arabia and Russia are 2 Biggest Producers of the Crude oil in the world.
Both Countries have agreed to cut the production cuts for the july month about 9 million Barrels per day.
But they have Failed to holding an OPEC+ meeting on thursday.
Further, Saudi Arabia and other Gulf producers Kuwait and the United Arab Emirates are not planning to extend voluntary output cuts of 1.8 million bpd after June, indicating crude supply will rise next month no matter what OPEC+ decides.
U.S. Energy Information Administration data on Wednesday showed gasoline stocks rose by 2.8 million barrels.
Nearly triple what analysts had expected, while distillate stocks rose by 9.9 million barrels, or nearly four times more than expected.
WTI Crude oil Trading at 36.50$.
Brent Crude oil Trading at 39.14$.
Mcx Crude oil Trading at 2758.
Commodity News Mcx – Gold Trading at 1705$ per Ounce, Yesterday Broken Major Support of 1700$.
Gold is Down as Walstreet Climbs, Gold Having very Low demand.
Gold will remain supported by the stimulus trade, but this round of weakness could continue a little longer as global economic recovery seems it will be much faster than anyone expected.
As we Told Very early Gold is Trading in Pure Range Bond 1690-1760$.
Mcx Gold Trading at 46100 ,Yesterday Falls more than 1000 points in single day .
Gold as Not sustaining Levels above 47000 Further its weak.
Gold Rate Today.
22 Carat Gold Rate is 43800 per 10 gm.
24 Carat Gold Rate is 48200 per 10 gm.
Today ‘s Trend For Crude oil & Gold
Crude oil above 2876 bullish and may touch 2920/2950 today & Below 2684 its Bearish and may touch 2550/2500.
Mcx Gold above 46684 bullish and may touch 46900/47100 & below 45516 may touch 45200/45050.
For any Query or any Holding positions in Mcx Crude & Gold can Call or whatsapp to 08050795677.