Oil Creeps up Towards $70 on Lower US Drilling | Today Commodity Market News Outlook 03 April 2018.



Bullion - Opens on negative Note Gold -30900-30925 Silver -38800-38810 

Energy - Opens on mixed Note Crude Oil - 4100-4115 Natural Gas -175-175.50 

Base Metals - Opens on mixed Note Copper -441-442 Nickel -881-882 Lead -156.90-156.80 Zinc - 214.50-214.60 Aluminium -132-132.10



Gold prices rose yesterday and gained more than 1% amidst escalation of trade spat between U.S and China. As market participants fear increases following trade wars between the two largest economies, investors have fled for safe haven bullion. Renewed safe-haven demand comes amid investors after Beijing unveiled retaliatory tariffs on Monday overnight.


Base metals showed some strength, with copper climbing to more than one-week high, finding support from stronger-than-expected mfg. growth in top metals user China, although worries over an escalating trade spat between Beijing and Washington kept the gains constrained.


Crude oil prices sank to their steepest one-day drop pressured by rise in Russia production and Saudis are said to be cutting prices of oil for their Asia customers, contributing to drop, while export data shows that despite OPEC-led production cuts, Russia's output of crude has continued to increase, knocking support out from under oil prices.

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