Commodity Weekly News- Crude Oil opens in Green Because Iraq Production Cut news & Saudi aramco Results.
Oil was up on Monday morning in Asia after Iraq said it would step up production cuts and U.S. President Donald Trump took executive action on economic aid Americans hit by the COVID-19 pandemic, reigniting hopes for a recovery in fuel demand.
Iraq, the second largest member for the Organization of the Petroleum Exporting Countries (OPEC) and its allies (OPEC+) announced that it will be stepping up production cuts to compensate for failing to comply with a deal made in April to limit oil production.
The country will cut production by 400,000 barrels per day in August and September. Energy minister from Saudi Arabia and Iraq also said in a joint statement that they would work together to improve the stability of global oil markets.
There’s a small undercurrent of positivity this morning emanating from comments by Saudi Aramco who are seeing a recovery in demand. Saudi Arabia and Iraq forging better relationships over the oil deal are excellent for the compliance outlook.
Over the weekend, Trump signed executive orders to provide up to $400 per week in supplemental unemployment benefits to millions of jobless Americans, although the number is less than the $600 from the previous bill which expired July 31.
WTI Crude Oil Trading at 41.72$.
Brent Crude Oil Trading at 44.80$.
Mcx Crude oil will open at 3129.
Commodity Weekly News-Gold opens in Green & is Stable above 2020$ per Ounce.
Friday’s 2% selloff seems to have made the gold longs on Comex dig their heels in deeper to get to the next stage of the yellow metal’s parabolic run – a run that has carried it from intraday lows of around $1,670 in early June to highs of around $2,080 in the just-ended week.
This zone remains especially interesting considering how price action just blasted through $2,000 without much of a pause and, to date, hasn’t checked-back for support around this price.
The second deeper zone runs from the prior all-time-high of $1,920.94 up to a batch of swing lows from last week around $1,941.25.
Mcx Gold Closes in Red on Friday at 54876.
Gold Rate Today
22 Carat Gold Rate Today is 52500 per 10gm.
24 Carat Gold Rate Today is 57270 per 10gm.
Today ‘s Trend For Crude oil & Gold.
Crude oil above 3145 bullish and may touch 3200/3250 today & Below 3044 its Bearish and may touch 3010/2940.
Mcx Gold above 55721 bullish and may touch 56000/56200 & below 53859 may touch 53700/53500.
For any Query or any Holding positions in Mcx Crude & Gold can Call or whatsapp to 08050795677.