Commodity News India- Crude oil Surges Up ,But Expiry Looms.
The Sellers Need to Pay 40$ Per Barrel to Get Rid of Us Oil Futures.
Crude oil Plunges on Record Low as Corona Virus Global Pandemic had Inflicted on Oil Industry Whic came on to Focus on April 20.
On april 20 USA WTI Contract was on -38$ per Barrel.
Because Of Corona Virus Pendemic the Global Oil demand was very low due to lockdown .
Thus Oil recovers from its lower levels due to some positive new impact by production cut news.
U.S. Commodity Futures Trading Commission, the federal agency that oversees futures and options trading, issued a rare warning on Wednesday to exchange operators and brokerages ahead of expiry, telling them they need to protect markets from manipulation and potentially intervene to protect customers.
ITS Expiry can it plunges again on record low have to see.
WTI Crude oil Currently Trading at 30.70$.
Brent Crude oil Trading at 33.70$.
Mcx Crude oil may open near 2300.
Commodity News india- Gold trading at 1772$ per Ounce which is very strong and Bullish.
Gold is on 6 Years Record High after US FED Warns Stocks .
The Gold rose to the highest in more than seven years after the Federal Reserve said stocks and asset prices could suffer a significant hit from the coronavirus pandemic, and warned the process of economic recovery may stretch through until the end of next year.(Source – Bloomberg)
Comex Gold Trading at 1772$.
Mcx Gold Trading at above 47000.