Crude Oil Saudi Pushes for Higher Prices,US Crude Stocks Decline | Today Commodity Market News Report 19 April 2018.
Higher prices fail to dent love for gold on Akshaya Tritiya
Bullion - Opens on positive Note Gold -31560-31570 Silver -40350-40400
Bullion - Opens on positive Note Gold -31560-31570 Silver -40350-40400
Energy - Opens on mixed Note Crude Oil - 4490-4500 Natural Gas -180-.40-180.60
Base Metals - Opens on positive Note Copper -460-461 Nickel -1020-1030 Lead -156.50-157 Zinc - 215-215.50 Aluminium -173-174
Gold prices were flat in the early Asian trades on Thursday on the back of firm dollar supported by high long term U.S yields though the geopolitical tensions kept the dollar in check. According to Fed reports which came out on Wednesday said the rising consumer spending, tighter labour markets and robust business borrowing indicates strengthening U.S economy.
Base metals were on a tear with nickel rallying the most by 10%, and aluminium continuing it sprint run. China’s aluminium production rose by 4% to 2.78 million tonnes in March from a year earlier. Nickel futures surged to the highest in almost 3 years with concerns that the metal would also be hit by U.S. sanctions.
Oil prices rallied by more than 3% in reaction to weekly decline in U.S. crude and gasoline inventories and looming meeting between OPEC and non-OPEC producers. Data from EIA showed Commercial crude oil inventories in the U.S. fell by 1.1 million barrels, to 427.57 million barrels, which is close to the five-year average level around 420 million barrels.
Share story
Crude oil futures were largely stable during mid-morning trade in Asia Friday as expectations of rising supply balanced global trade tensions, keeping prices largely unchanged after a mid-week decline.
ReplyDeleteshare-tips-expert