Oil Prices Edge Up on Expected Drop in US Crude Stocks | Commodity Market News Outlook 05 DEC 2017.
COMMODITY MARKET NEWS
Precious Metals
Precious metals are trading flat with gold maintaining its broader range in recent weeks as the optimism about the tax reforms remains limited. Strength in the rupee however weighed on domestic prices. The US Senate cleared the tax bill over the weekend but US equities and dollar saw a muted reaction yesterday. The House and Senate version of the bill will now be reconciled to create a final draft to be sent to the President for signing.
Base Metals Base metals continue to see-saw after some brief pullback during the end of last week, with nickel leading gainers on the back of stronger steel prices. The electric vehicle story faded too fast and too deep and there could be some catch-up on the same. Shanghai steel futures are trading 1% up hitting its strongest since Sept. 6 in the previous session.
Energy Crude oil prices are likely to open slightly higher after a negative closing yesterday on the back of increased US rig count. US oil rig count increased by 2 last week to 749 and US oil output is at record 9.64 mbpd. Prices may also gain today as OPEC oil output fell in November by 300,000 bpd to 32.48 mbpd, its lowest since May. Prices have been gaining after OPEC and other Non-OPEC members like Russia agreed to extend their current supply cut until end of 2018.
Precious metals are trading flat with gold maintaining its broader range in recent weeks as the optimism about the tax reforms remains limited. Strength in the rupee however weighed on domestic prices. The US Senate cleared the tax bill over the weekend but US equities and dollar saw a muted reaction yesterday. The House and Senate version of the bill will now be reconciled to create a final draft to be sent to the President for signing.
Base Metals Base metals continue to see-saw after some brief pullback during the end of last week, with nickel leading gainers on the back of stronger steel prices. The electric vehicle story faded too fast and too deep and there could be some catch-up on the same. Shanghai steel futures are trading 1% up hitting its strongest since Sept. 6 in the previous session.
Energy Crude oil prices are likely to open slightly higher after a negative closing yesterday on the back of increased US rig count. US oil rig count increased by 2 last week to 749 and US oil output is at record 9.64 mbpd. Prices may also gain today as OPEC oil output fell in November by 300,000 bpd to 32.48 mbpd, its lowest since May. Prices have been gaining after OPEC and other Non-OPEC members like Russia agreed to extend their current supply cut until end of 2018.
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