Oil Dips as US Production Fast Approaches 10 Million bpd | Today Commodity Market Outlook 22 Dec 2017.

Commodity Opening Bell

Bullion - Opens on negative Note Gold -28480-28500 Silver -37450-37460

Energy - Opens on positive Note Crude Oil -3733-3735 Natural Gas -167.40-167.50

Base Metals - Opens on negative Note Copper -454-454.50 Nickel -764-765 Lead -159.20-159.30 Zinc - 206.50-206.80 Aluminium -136.20-136.25

Commodity Market News

Precious Metals

Precious metals have been trading flat over the last couple of sessions and are subdued by a firmer dollar, but were on track to log a second consecutive week of gains. The dollar edged up on Friday though remained on track for weekly losses. The U.S.

Base Metals

Base metals have been consolidating on higher range and could be due for some profit taking before the long weekend and year end closing. Open interest in all major LME contracts has fallen this week, reflecting that traders are closing their positions ahead of year end and suggesting short-covering has fuelled copper's gains back above $7,000 this week.

Energy

Crude oil prices traded lower yesterday due to rising U.S. output and expected January re-opening of the Forties pipeline of the 450,000 bdp in the North Sea in January. The dip was largely due to outlook for rising supplies which triggered traders to sell out of long positions ahead of year-end.