Commodity Breaking News- Crude oil Down inspite of OPEC+ agrees to producion cut in coming days.
Oil edged down on Tuesday morning in Asia, even after OPEC+ said on Monday that the organization is in almost full compliance with output cuts in place to support the black liquid as the COVID-19 outbreak continues to decrease demand.
OPEC+’s joint technical committee (JTC), made up of technical experts assessing the implementation of the cuts, convened yesterday, with the compliance with July’s output cuts reportedly at around 97%.
OPEC+ in August eased the agreed cuts to 7.7 million barrels per day (bpd) from the previous 9.7 million bpd agreed to earlier in the year, as the COVID-19 outbreak caused a collapse in demand.
Investors will be looking to OPEC’s joint ministerial monitoring committee (JMMC), whose meeting was postponed to August 19, for further production clues. They will also be looking at the American Petroleum Institute (API)’s crude oil demand forecast, due later in the day.
WTI Crude oil Trading at 42.64$.
Brent Crude oil Trading at 45.16$.
MCX Crude oil will Open at 3186.
Commodity Breaking News-Gold prices jumped more than 2% on Monday, briefly recapturing the $2,000 an ounce perch for the first time in nearly a week, as a renewed drop in Treasury yields pushed investors back toward safe-havens.
Gold’s “Black Tuesday” from last week wiped 5%, or $93, from the most-active gold futures contract on New York’s Comex, after an intraday swing of $129. It was Comex gold’s worst one-day loss in seven years. Since then — and until Monday — trading in the yellow metal had been a game of pure nerves or, at best, high-powered chess.
The latest peak in December gold was almost $90 off its record high of nearly $2,090 from last week. Many gold bulls have a target of between $2,100 and $2,300 for gold over the next two months.
The dollar index, which pits the greenback against a basket of six currencies, was down to as low as 92.75 earlier in the day before stabilizing to 92.85.
Silver, the second top draw in precious metals, also got a ride up Monday on the back of the gold rally.
September, the front-month silver contract on Comex, settled up $1.58, or 6%, at $27.67 per ounce. September silver hit a seven-year high of $29.915 last week, coming just short of the $30 targeted by many longs in the white-metal.
MCX GOLD CLOSES YESTERDAY ABOVE 53200 LOOKS VERY STRONG.
Gold Rate Today
22 Carat Gold Rate Today 49710 per 10 gm.
24 Carat Gold Rate Today 54230 per 10 gm.
Today ‘s Trend For Crude oil & Gold.
Crude oil above 3255 bullish and may touch 3290/3340 today & Below 3132 its Bearish and may touch 3020/2940.
Mcx Gold above 54126 bullish and may touch 54300/54500 & below 52427 may touch 52100/51900.
For any Query or any Holding positions in Mcx Crude & Gold can Call or whatsapp to 08050795677.