Commodity Hindi- Crude Oil prices drifted lower on Thursday as concerns about renewed COVID-19 lockdowns in the United States outweighed signs of a recovery in U.S. gasoline demand.
Oil prices rose on Wednesday as data from the U.S. Energy Information Administration showed U.S. gasoline stockpiles fell by 4.8 million barrels last week, much more than analysts had expected, as demand climbed to 8.8 million barrels per day (bpd), highest since March 20.
A spike in COVID-19 cases across several U.S. states, however, raised the prospect of renewed lockdowns that would likely hold back any sustained recovery in fuel demand.
Meeting called by OPEC+, the producers could decide to pare or extend their record 9.7 million bpd supply cut from August.
The panel has been pressing OPEC+ over-producers, such as Iraq and Nigeria, to improve their compliance with the curbs.
Angola has agreed to comply fully with its supply commitments, moving to cut more over July to September to make up for previous excess production, OPEC sources said this week.
WTI Crude Oil Trading at 40.80$.
Brent Crude Oil Trading at 43.22$.
Crude Oil will open near 3058.
Commodity Hindi-Gold was down on Thursday morning in Asia but stayed above the $1,800 mark for a third consecutive day.
Gold Futures were down 0.04% at $1,819.95 with gold steadying its gains from the previous four sessions. COVID-19’s relentless march has seen several countries, including China and Australia, re-imposed lockdown measures to curb new outbreaks.
The yellow metal reached levels not seen since 2011 as investors flocked to the safe-haven asset.
Mcx Gold Closes above 49100 Yesterday slightly will open down today.
Gold Rate Today
22 Carat Gold Rate Today is 46100 per 10 gm.
24 Carat Gold Rate Today is 50170 per 10 gm.
Today ‘s Trend For Crude oil & Gold.
Crude oil above 3110 bullish and may touch 3150/3180 today & Below 3035 its Bearish and may touch 2950/2900.
Mcx Gold above 49648 bullish and may touch 49800/50000 & below 48671 may touch 48550/48350.
For any Query or any Holding positions in Mcx Crude & Gold can Call or whatsapp to 08050795677.