Live Commodity Market News- Crude Oil Made 5 months high above 43$ But not sustained.
Fuel demand worries caused by a second wave of coronavirus infections outweighed declines in the U.S. dollar.
After the Energy Information Administration reported a much bigger than expected drop in U.S. crude stockpiles.
In rising U.S. refined product inventories at a time when U.S. central bankers said the resurgence in cases was slowing the economic recovery in the world’s biggest oil consumer.
EIA data showed distillate stockpiles, which include diesel and heating oil, climbed to a 38-year-high, and gasoline inventories unexpectedly in a row.
The U.S. EIA calculated gasoline demand remains around 8.6 million barrels per day, around 10% lower than a year earlier, just as the U.S. driving season, which ANZ Research called the “world’s biggest seasonal demand period”, was winding down.
Still, recent declines in the U.S. dollar have supported higher oil prices. Since oil futures are priced in dollars, crude prices tend to rise to offset the weaker currency.
WTI Crude Oil Trading at 42.12$.
Brent Crude Oil Trading at 45.22$.
Mcx Crude oil will open near 3150.
Live Commodity Market News-Gold was up on Thursday morning in Asia, continuing to rise after topping the $2,000 per ounce level earlier in the week and powered by ongoing weakness in the dollar as well as geopolitical concerns.
Supporting gold was another fall in the dollar.
In the U.S. negotiations continue towards a new COVID-19 stimulus package. Congressional leaders and White House negotiators discussed a compromise framework on Wednesday for another round of aid that could include an additional $400-per-week unemployment payment.
President Donald Trump said that if no significant progress is made by Friday, he is prepared to take executive action on those items.
Meanwhile, Sino-U.S. relations continued to deteriorate, coaxing investors towards the safe-haven metal. Cui Tiankai, China’s ambassador to the U.S., said yesterday that the countries’ relations are under “unprecedented strain” and that a U.S. move to send ships to the South China Sea “raises the risk of a conflict”.
Mcx Gold Closes above 55000 yesterday.
Gold Rate Today
22 Carat Gold Rate Today is 51810 per 10gm.
24 Carat Gold Rate Today is 56510 per 10gm.
Today ‘s Trend For Crude oil & Gold.
Crude oil above 3249 bullish and may touch 3280/3320 today & Below 3072 its Bearish and may touch 3010/2940.
Mcx Gold above 56063 bullish and may touch 56250/56500 & below 54145 may touch 54000/53800.
For any Query or any Holding positions in Mcx Crude & Gold can Call or whatsapp to 08050795677.