Commodity News Indian Market- Crude Oil in Red because Demand slow and US Stockpile Data,Crude Oil Trading in Range bind no any major movement from past 2 weeks.
Oil prices fell on Thursday as major producers warned of a risk to the recovery in demand if the coronavirus crisis is prolonged, while U.S. crude inventories dropped less than expected.
Stockpiles of crude in the United States fell last week for a fourth straight week, even as net imports rose.
However, the 1.6 million barrel decline was less than a Reuters poll showing expectations for a 2.7 million barrel fall.
Fuel demand was down 14% from the year-earlier period over the last four weeks, Energy Information Administration data showed.
A draft OPEC+ statement, seen by Reuters, said a second extended wave of the pandemic posed a major risk for the oil market recovery.
The group pressed members such as Nigeria and Iraq to do more to meet their quotas after they exceeded them between May and July.
OPEC alone in the past decades generally produced well over 30 million barrels per day (bpd) of oil but after this year’s cuts its output stood at 20-22 million bpd.
WTI Crude Oil Trading at 42.72$.
Brent Crude Oil Trading at 45.02$.
MCX Crude Oil Trading at 3210.
Commodity News Indian Market-Gold Massive Movement in Red as sharp sell off & As Dollar Defies Fed .
Gold prices crashed anew on Wednesday as the dollar jumped, defying the logic of the Federal Reserve’s latest meeting minutes to send the yellow metal below $1,950 an ounce.
The selloff revived memories of the “Black Tuesday” crash from a week ago, when December gold lost $93 on the day.
In Wednesday’s session, the spot price of gold, which reflects trades in bullion, slumped $58.79, or 1.1%, to $1,943.27.
The Dollar Index, the antithesis of the precious metals and safe-havens trade, jumped to above 93, or nearly 1%, at one point.
Yields on the U.S. 10-Year Treasury note were up 0.9% after the release of the Fed minutes. They were down as much as 2.8% earlier in the session, after sliding 3% over two previous days.
MCX GOLD TRADING AT 52280.
Gold Rate Today
22 Carat Gold Rate Today is 50760 per 10 gm.
24 Carat Gold Rate Today is 55370 per 10 gm.
Today ‘s Trend For Crude oil & Gold.
Crude oil above 3262 bullish and may touch 3290/3340 today & Below 3193 its Bearish and may touch 3120/3040.
Mcx Gold above 53950 bullish and may touch 54100/54500 & below 51298 may touch 51120/50700.
For any Query or any Holding positions in Mcx Crude & Gold can Call or whatsapp to 08050795677.