Oil Hits Highest Since Late 2014 on US Crude Inventory Drop | Today Commodity Market Outlook 25 Jan 2018
Bullion - Opens on positive Note Gold -30350-30400 Silver -39800-39900
Energy - Opens on mixed Note Crude Oil -4210-4200 Natural Gas -220-222
Base Metals - Opens on positive Note Copper -456-457 Nickel -865-870 Lead -167.70-168 Zinc - 220.80-221 Aluminium -143.40-143.50
Precious Metals
Gold rose to the highest level since August 2016
following weakness in the dollar against its major
crosses and after comments from US treasury
secretary, who welcomed a weaker dollar. The dollar
slumped after Mnuchin told the World Economic
Forum in Davos on Wednesday that "obviously a
weaker dollar is good for us as it relates to trade and
opportunities".
Base metals largely held gains with zinc, nickel and
lead at or close to multi-year highs, after comments
from U.S. Treasury Secretary Steven Mnuchin saying
he welcomed a weak currency punished the dollar. A
sharply weaker dollar helped copper to rebound from
one-month low despite second day of rapidly rising
inventories but rising demand from power and
construction segment could keep losses capped for
major base metals.
Crude Oil prices hit their highest level since December
2014, lifted by weak dollar and a 10th straight week of
declines in U.S. crude inventories. Prices also got
support from supply restrictions led by a group of
producers around OPEC and Russia, which started last
year and are set to last throughout 2018. EIA reported
U.S. crude inventories fell 1.1 million barrels in week
to Jan. 19, to 411.58 million barrels that's the lowest
seasonal level since 2015 and below U.S. five-year
average around 420 million barrels.
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