Commodity Live Markets- Crude oil gained more ground on Tuesday, with prices underpinned by expectations of U.S. stimulus and a rebound in Asian demand as economies reopen.
Prices found support after U.S. President Donald Trump tweeted that top congressional Democrats wanted to meet with him on coronavirus-related economic relief.
The talks between Democrats and the Trump administration broke down last week.
On Sunday, Saudi Arabian Aramco CEO Amin Nasser said he sees oil demand rebounding in Asia as economies gradually open up.
China’s factory deflation eased in July, driven by a rise in global oil prices and as industrial activity climbed back towards pre-coronavirus levels, adding to signs of recovery in the world’s second-largest economy.
Iraq said on Friday it would cut its oil output by a further 400,000 barrels per day in August and September to compensate for its overproduction in the past three months.
The move would help it comply with its share of cuts by the Organization of the Petroleum Exporting Countries and allies, known as OPEC+.
Energy companies have begun taking back millions of barrels of oil from the U.S. government’s emergency stockpile after renting storage in the facility to help manage a glut of crude this spring after energy demand collapsed during COVID-19 lockdowns, a Department of Energy website showed on Monday.
WTI Crude Oil Trading at 42.24$.
Brent Crude Oil Trading at 45.20$.
Mcx Crude Oil will open at 3161.
Commodity Live Markets- Gold After Making Record highs now its in Red because of Profit booking.
Silver continues to outperform and remains our precious metal favorite as a clean positioning slate, strong investment flows and robust industrial demand combine for strong performance at a time when the microstructure creates a disincentive for silver bullion traders to sell.
Gold Still Technically very Strong may touch 2100 in coming days but may touch down 1980 for correction buy from deeps again.
Mcx Gold Closes Below 55000 will open lower today.
Gold Rate Today
22 Carat Gold Rate Today is 52260 per 10gm.
24 Carat Gold Rate Today is 57020 per 10gm.
Today ‘s Trend For Crude oil & Gold.
Crude oil above 3210 bullish and may touch 3250/3300 today & Below 3111 its Bearish and may touch 3010/2940.
Mcx Gold above 55821 bullish and may touch 56000/56200 & below 54020 may touch 53700/53500.
For any Query or any Holding positions in Mcx Crude & Gold can Call or whatsapp to 08050795677.