Commodity Big News- Crude Oil opens in Green and heads towards weekly Gains as its last day of the week.
Prices have been bolstered this week by U.S. government data showing crude oil, gasoline and distillate inventories all fell last week as refiners ramped up production and demand for oil products improved.
Still, the International Energy Agency has reduced its oil demand forecast for this year, and said lower air travel due to the COVID-19 pandemic would cut global oil consumption this year by 8.1 million barrels per day (bpd).
The Organization of the Petroleum Exporting Countries (OPEC) said earlier this week that world oil demand is likely to drop by 9.06 million bpd this year, a bigger decline than the 8.95 million bpd decline expected a month ago.
OPEC and allies including Russia, collectively called OPEC+, cut output since May by around 10% of typical global demand to tackle the fallout from the global health crisis.
Meanwhile, Russian Energy Minister Alexander Novak said he does not expect quick decisions on output cuts when an OPEC+ group monitoring committee meets next week, Russian news agencies reported on Thursday.
WTI Crude Oil Trading at 42.24$.
Brent Crude Oil Trading at 44.97$.
Mcx Crude Oil Trading at 3160.
Commodity Big News-Gold in Red But Trading above 1950 $ after big drop in this week looks very strong .
Gold prices settled New York trade up 1% on Thursday, posting their first significant gain in a week after a near $200 bloodbath triggered by ramping U.S. Treasury yields and a rebounding dollar.
The Dollar Index down about 0.1% on Thursday, handing gold its rise.
Gold for December delivery on Comex settled up $21.40, or 1.1%, at $1,970.40 per ounce after peaking at $1,974,75. It was still a humble performance for the yellow metal which last Friday got up to $2,089, the highest ever for any gold futures contract on Comex, before tumbling to $1,874.20 on Tuesday.
Mcx Gold Closes Near 53000.
Gold Rate Today
22 Carat Gold Rate Today is 49660.
24 Carat Gold Rate Today is 54170 per 10gm.
Today ‘s Trend For Crude oil & Gold.
Crude oil above 3196 bullish and may touch 3250/3000 today & Below 3122 its Bearish and may touch 3020/2940.
Mcx Gold above 53727 bullish and may touch 54000/54500 & below 52135 may touch 49800/49600.
For any Query or any Holding positions in Mcx Crude & Gold can Call or whatsapp to 08050795677.