Commodity Trading News- Crude Oil prices rose on Wednesday after an industry report showed that crude inventories in the United States decreased against expectations.
Its giving the market a boost amid record increases of coronavirus infections in the U.S. and elsewhere.
Inventories of crude oil in the U.S. dropped by 6.8 million barrels last week to 531 million barrels, data from industry group the American Petroleum Institute showed on Tuesday.
Global Analysts’ expectations were for an increase of 357,000 barrels. U.S. government data is due Wednesday.
The raging COVID-19 pandemic is keeping alive concerns about falling fuel demand causing an oversupplied market as record numbers of infections are reported globally, including the U.S., the world’s biggest consumer of oil.
Four U.S. states reported one-day records for coronavirus deaths on Tuesday and cases in Texas passed the 400,000 mark.
WTI Crude Oil Trading at 41.08$.
Brent Crude Oil Trading at 43.66.
Mcx Crude Oil Trading at 3078.
Commodity Trading News-Gold after Making record Highs its down,Trading Near 1950$ per Ounce.
The thrills and spills of the gold market are being laid bare as bulls refuse to let its upward momentum subside, sending the yellow metal to another positive close on Tuesday after it briefly plunged amid the chase for $2,000.
A storm of intraday volatility has descended on precious metals markets, including silver, after gold shattered the $1,900 ceiling the first time in nine years on Friday, setting successive record highs in the two sessions since.
The gold rally comes on the back of low interest rates and trillions of dollars of Covid-19 stimulus passed by governments and global central banks that have debased the dollar and other conventional currencies and heightened inflation fears — a situation which investors typically hedge by buying gold.
Mcx Gold Trading at 52510 .
Gold Rate Today
22 Carat Gold Rate Today is 49560 per 10gm.
24 Carat Gold Rate Today is 54060 per 10 gm.
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 53494 bullish and may touch 53600/53700 & below 51691 may touch 51450/51300.
For any Query or any Holding positions in Mcx Crude & Gold can Call or whatsapp to 08050795677.