Mcx Live Charts- Crude oil Opens in Green because of Production cut news from Opec.
Crude futures rose as initial signs that OPEC members intend to comply with promises to curtail production eclipsed fears that a resurgence in coronavirus cases.
Saudi Arabia commended Iraq because of implementing almost all its pledged oil-production cuts, and Nigeria told the kingdom it was committed to hitting its target.
Further signs that disputes among OPEC+ members over cheating of quotas are being resolved.
Oil has been stuck in a rut after staging a months-long rally from historic lows in April.
A wave of new coronavirus cases sweeping the U.S. has spurred concerns over a recovery in gasoline demand.
Figures from the American Petroleum Institute showed U.S. crude stockpiles decreased 8.32 million barrels last week, but supplies in Cushing, Oklahoma, rose 548,000 barrels.
The market is turning its attention to Wednesday’s U.S. Energy Information Administration inventory report.
The OPEC+ committee will consider whether the alliance should keep 9.6 million barrels of daily output off the market for another month, or taper the cutback to 7.7 million barrels as originally planned.
Members are leaning toward the latter option, according to several national delegates who asked not to be identified.
WTI Crude Oil Trading at 40.52$.
Brent Crude Oil Trading at 43.15$.
Mcx Crude Oil may Open near 3055.
Mcx Live Charts- Gold prices moved higher closing at fresh 8-year highs. The dollar moved lower on and continues to experience downward pressure.
The 10-year US treasury yield was stable and continues to hover near 63-basis points.
Stronger than expected inflation figures released in the US on Tuesday helped buoy gold prices as investors looked for hard assets as a way to protect against higher inflation.
Mcx Gold closes at 49250 yesterday.
Gold Rate Today
22 Carat Gold Rate Today is 46250 per 10 gm.
24 Carat Gold Rate Today is 50480 per 10 gm.
Today ‘s Trend For Crude oil & Gold.
Crude oil above 3104 bullish and may touch 3150/3200 today & Below 2966 its Bearish and may touch 2900/2850.
Mcx Gold above 49645 bullish and may touch 49750/49900 & below 48873 may touch 48750/48650.
For any Query or any Holding positions in Mcx Crude & Gold can Call or whatsapp to 08050795677.