Commodity All News- Crude Oil Opens in Green Trading above 42$.
Saudi Arabia’s energy minister and Iraqi counterpart stressed, in a phone call, their countries’ full commitment to an OPEC+ deal curbing oil production, Iraqi state news agency said on Friday citing a joint statement from both ministries.
OPEC, Russia and other producers, a group known as OPEC+, agreed to cuts of 9.7 million bpd, or 10% of global output, from May 1. In July, they delivered 5.743 million bpd of the pledged reduction, equal to 94% compliance, the Reuters survey found.
However, OPEC oil output rose by over 1 million barrels per day (bpd) in July as Saudi Arabia and other Gulf members ended their voluntary extra curbs on top of the OPEC-led deal, and other members made limited progress on compliance.
Iraq agreed to cut output by 1.06 million bpd under the deal and Iraqi oil minister Ihsan Abdul Jabbar said his country would make an additional cut in its oil production of about 400,000 barrels per day in August to compensate for its overproduction over the past period under the OPEC+ supply reduction pact.
Saudi and Iraqi energy ministers said efforts made by OPEC+ member states would enhance stability of global oil markets, accelerate its balancing and send positive signals to the markets, statement added.
Commodity All News-Gold is Very Strong Trading above 2060 may touch 2100/2150 in few Days.
Gold is set for the longest stretch of weekly gains since 2006 as it continues to post records amid rising haven demand, the prospect of more stimulus and simmering U.S.-China tensions. Silver closed in on $30 an ounce as it headed for its biggest weekly jump since 1980.
White House and Democratic negotiators driving toward a deal on a final massive virus relief package by the end of the week still must overcome a raw mix of election-year pressures, internal GOP splits and a profound lack of trust between the parties.
Meanwhile, President Donald Trump said he could act unilaterally on some measures.
Bullion has rallied more than 35% in 2020, putting it on track for the biggest annual gain in over four decades, as the health crisis, negative real rates, a weaker dollar and geopolitical risks spark a flight to precious metals.
Further gains are predicted — Bank of America Corp reiterated its forecast that gold may reach $3,000 an ounce in 18 months and said it’s “feasible” that silver could hit $35 in 2021.
Mcx Gold touches 56000 mark yesterday.
Gold Rate Today
22 Carat Gold Rate Today is 52390 per 10gm.
24 Carat Gold Rate Today is 57090 per 10gm.
Today ‘s Trend For Crude oil & Gold.
Crude oil above 3240 bullish and may touch 3280/3320 today & Below 3064 its Bearish and may touch 3010/2940.
Mcx Gold above 56501 bullish and may touch 56800/57000 & below 55191 may touch 54800/53600.
For any Query or any Holding positions in Mcx Crude & Gold can Call or whatsapp to 08050795677.