Commodity Market Live- Crude Oil in Range 40-41$ ,no confirmation trend for movement.
Oil prices cautiously rose in early trade on Tuesday with major producers sticking to supply cuts, but gains were capped as U.S. coronavirus cases surged, potentially hampering a recovery in fuel demand.
The market is still being supported by a bigger-than-expected drawdown in U.S. crude stockpiles reported last week and by record supply cuts by the Organization of the Petroleum Exporting Countries (OPEC) and allies, together known as OPEC+.
Data from the American Petroleum Institute industry group later on Tuesday and the U.S. Energy Information Administration on Wednesday are expected to show a 100,000 barrel rise in gasoline stockpiles.
Meanwhile a U.S. court on Monday ordered the shutdown of the Dakota Access pipeline, the biggest artery transporting crude oil from North Dakota’s Bakken shale basin to Midwest and Gulf Coast regions, over environmental concerns.
Prices are sustaining above 40$ may go further upside upto 42$.
WTI Crude oil Trading at 40.45$.
Brent Crude oil Trading at 42.93$.
Mcx Crude oil Trading at 3025.
Commodity Market Live- Gold is Trading strong above 1790$ , currently Trading at 1794$ per Ounce.
Gold was up in Asia on Tuesday morning, with investors turning to the safe-haven asset as the number of COVID-19 cases continuing to show no signs of abating globally.
There were over 11.5 million cases worldwide as of July 7, with the U.S. accounting for almost 3 million of the cases.
Meanwhile, the U.S. reported an Institute of Supply Management (ISM) Non-Manufacturing Purchasing Managers’ Index (PMI) of 57.1 for June on Monday.
Despite a higher-than-expected figure exceeding analyst forecasts as well as indicating the U.S. services sector is back to growth, some investors remain cautious about the global economic recovery with the ever-increasing numbers and no cure.
Mcx Gold Trading above 48200.
Gold Rate Today
22 Carat Gold Rate Today is 45360 per 10 gm.
24 Carat Gold Rate Today is 49460 per 10 gm.
Today ‘s Trend For Crude oil & Gold.
Crude oil above 3089 bullish and may touch 3120/3180 today & Below 2996 its Bearish and may touch 2950/2900.
Mcx Gold above 48603 bullish and may touch 48800/49000 & below 47847 may touch 47670/47847.
For any Query or any Holding positions in Mcx Crude & Gold can Call or whatsapp to 08050795677.