Commodity News today – Crude Oil was down on Monday morning in Asia as the number of COVID-19 cases continues to climb in countries around the world.
The number of cases around the world is closing in on 14.5 million with the number of deaths surpassing 600,000, according to John Hopkins University data.
This continuous rise is cases may be dampening investor hopes that demand for oil will recover.
In the U.S., one of the largest oil consumers in the world, COVID-19 deaths just surpassed 140,000, with California, Texas, and New York the hardest hit states.
Asia, Australia is struggling to contain the virus. Even with a lockdown in place, Melbourne reported 363 new cases and three new deaths.
In Hong Kong, a city that had been seen as a model for the effective containment of the virus, cases soared.
The city recorded its biggest one-day increase since the pandemic started.
Honngkong city has reimposed restrictions and plans to tighten them further.
Oil market bulls are in for a surprise if we believe the latest statements from OPEC+ leaders Saudi Arabia and Russia.
Official views proponed by the OPEC+ JMCC during the last few days were looked at as a positive sign as existing production cuts are being relaxed in August as a result of higher expected demand.
The Saudi Minister of Energy and OPEC’s main power broker Prince Abdulaziz bin Salman added fuel to the fire by telling Al Arabiya yesterday that he could see a development in which the OPEC+ oil production agreement will be extended to the end of 2021 or even through the beginning of 2022.
This news hasn’t been digested by the markets yet and shows a possible split in views within OPEC+.
Saudi minister also reiterated that “we still have a long way to go and actions will continue.
WTI Crude Oil Trading at 40.50$.
Brent Crude Oil Trading at 42.87$.
Commodity News today-Gold prices kicked off the trading week essentially flat, barely ticking down despite the continued increase in the number of COVID-19 cases around the world.
Gold futures were down 0.07% to $1,808.65 by 10:35 PM EST (2:35 AM GMT).
The yellow metal typically moves in the opposite direction from equities markets, but stocks across the region also kicked off the week with modest losses.
Investors seem to be taking a wait-and-see attitude to how governments deal with the ongoing spread of the pandemic as well as the possibility of further stimulus in the U.S. and Europe.
Comex Gold Currently Trading at 1809$ per Ounce.
Gold Rate Today
22 Carat Gold Rate Today is 46420 per 10 gm.
24 Carat Gold Rate Today is 50620 per 10 gm
Today ‘s Trend For Crude oil & Gold.
Crude oil above 3095 bullish and may touch 3150/3200 today & Below 3010 its Bearish and may touch 2970/2850.
Mcx Gold above 49236 bullish and may touch 49350/49400 & below 48698 may touch 48550/48450.
For any Query or any Holding positions in Mcx Crude & Gold can Call or whatsapp to 08050795677.