Global Commodity Prices- Crude oil Down because Increase in cases of Corona Virus around the world,Crude oil has lower demand.
While many analysts are expecting economies and fuel demand to recover from the pandemic, record daily increases in coronavirus infections this week in the United States, the world’s biggest oil consumer, raised concerns about the pace of any recovery.
Renewed coronavirus outbreaks in some parts of the world have added to reasons to expect the recovery to slow in the months ahead.
In Australia, the government on Friday will consider reducing the number of citizens allowed to return to the country from overseas, after authorities ordered a new lockdown of the country’s second-most populous city, Melbourne.
The United States had around 56,000 COVID-19 cases on Thursday, the third consecutive day new infections have exceeded at least 55,000, according to a Reuters tally.
On Wednesday, U.S. cases topped 60,000, the biggest daily increase in any country since the outbreak started.
Oil inventories also remain bloated due to the evaporation of demand for gasoline, diesel and other fuels during the initial outbreak.
U.S. crude oil inventories rose by nearly 6 million barrels last week after analysts had forecast a decline of just over half that figure.
WTI Crude Oil Trading at 39.27$.
Brent Crude Oil Trading at 42.08$.
Mcx Crude Oil will be Trading at 2951.
Global Commodity Prices-Gold prices slide Thursday on profit-taking after vaulting to nine-year highs in the previous session.
But the safe-haven crowd managed to keep the yellow metal supported at the $1,800 perch as an explosion in new coronavirus cases raised doubts about the U.S. economic recovery.
While the dollar was firmer, gold was propped up on the lower end by expectations of more stimulus for the U.S. economy from the Federal Reserve.
which could ultimately debase the currency and prop up alternatives like the precious metal, analysts said.
Mcx Gold Closed Below 49000 yesterday and silver also dipped below 52000.
Gold Rate Today
22 Carat Gold Rate Today is 46390 per 10 gm.
24 Carat Gold Rate Today is 50610 per 10 gm.
Today ‘s Trend For Crude oil & Gold.
Crude oil above 3060 bullish and may touch 3100/3150 today & Below 2912 its Bearish and may touch 2850/2800.
Mcx Gold above 49364 bullish and may touch 49450/49570 & below 48393 may touch 48300/48150.
For any Query or any Holding positions in Mcx Crude & Gold can Call or whatsapp to 08050795677.