Oil prices rose on Friday on signs of surging demand in China, the world's No. 2 oil consumer, although prices were headed for a second weekly decline on swelling U.S. inventories and concern that trade wars were curbing economic activity.
Showing posts with label Global Crude Oil News. Show all posts
Showing posts with label Global Crude Oil News. Show all posts
Saturday, 20 October 2018
Friday, 19 October 2018
Gold trading range for the day is 31727-32269
Gold trading range for the day is 31727-32269.
Gold rose as renewed weakness in global stock markets spurred investors to seek refuge in bullion, which has also been helped by an improved technical outlook.
Fed policymakers are largely united on the need to raise borrowing costs further, minutes from their most recent policy meeting showed.
Trump criticized the U.S. central bank twice, saying it was raising interest rates so swiftly that it threatened the country’s economic health.
The Fed raised interest rates last month for the third time this year and said it planned four more increases by the end of 2019 and another in 2020.
Daily Commodity Mcx Live Price
Thursday, 18 October 2018
Exclusive - Don`t mention the oil price: U.S. legal threat prompts change at OPEC
OPEC has urged its members not to mention oil prices when discussing policy in a break from the past, as the oil producing group seeks to avoid the risk of U.S. legal action for manipulating the market, sources close to OPEC said.
Proposed U.S. legislation known as "NOPEC", which could open the group up to anti-trust lawsuits, has long lain dormant, with previous American presidents signalling that they would veto any move to make it law.
But U.S. President Donald Trump has been a vocal critic of the Organisation of the Petroleum Exporting Countries, blaming it for high oil prices and urging it to increase output to relieve pressure on a market hovering around four-year highs.
That has made OPEC and its unofficial leader, Saudi Arabia, nervous about what it might mean for NOPEC, or No Oil Producing and Exporting Cartels Act.
The decision to refrain from discussing a preferred oil price level -- one way the group can guide market expectations -- underlines how Trump's aggressive stance on the oil market is unsettling OPEC and testing ties between allies Riyadh and Washington.
Commodity Mcx Live Price
Wednesday, 17 October 2018
Oil prices edge up on surprise drawdown in U.S. crude stockpiles
Oil prices extended gains into a fourth session on Wednesday, buoyed as industry data showed a surprise decline in U.S. crude inventories and as geopolitical tensions over the disappearance of a prominent Saudi journalist stoked supply worries.
U.S. West Texas Intermediate crude was up 15 cents, or 0.2 percent, at $72.07 a barrel by 0255 GMT on Wednesday, having settled up 14 cents.
Brent crude was up 12 cents, or 0.2 percent, at $81.53 a barrel, after settling up 63 cents the session before. The global benchmark, which hit a more than two-week low late last week as equity markets dropped, is trading around $5 below a four-year high of $86.74 marked on Oct. 3.
U.S. crude inventories fell by 2.1 million barrels last week, compared with analyst expectations for a build of 2.2 million barrels, American Petroleum Institute data showed after Tuesday's settlement.
"The market is reacting to the unexpected decline as inventories tend to rise at this time of year," said Tomomichi Akuta, senior economist at Mitsubishi UFJ Research and Consulting in Tokyo, adding that anxieties about the outlook for the global economy were capping gains.
U.S. gasoline stocks dropped by a larger-than-expected 3.4 million barrels, while distillate fuel stockpiles declined by a smaller-than-expected 246,000 barrels, the API data showed.
Inventory data from the U.S. Energy Department's Energy Information Administration is due at 1430 GMT on Wednesday.
Daily Commodity Mcx Live Price
Tuesday, 16 October 2018
Gold trading range for the day is 31589-32549
Gold trading range for the day is 31589-32549.
Gold rose as a slide in global stock markets, exacerbated by mounting tensions between Western powers and Saudi Arabia.
On Wednesday investors will get the chance to review the minutes of the Federal Reserve’s September meeting, when it raised rates for a third time this year.
The minutes come in the wake of President Donald Trump’s criticism of the central bank’s recent rate hikes.
Speculators extended their net short position on Comex gold contracts by 29,881 contracts to 103,009 contracts in the week to Oct. 9, data showed.
Commodity Mcx Live Price
Monday, 15 October 2018
Copper trading range for the day is 453.7-465.7
Copper trading range for the day is 453.7-465.7.
Copper seen supported amid shrinking inventories and in anticipation of growth in Chinese infrastructure and upbeat orders for stockpiling before the year-end.
China's imports of copper rose 24.0 percent from month ago to 521,000 tonnes in September, data from the General Administration of Customs showed.
Chinese data showed an unexpected acceleration in Chinese export growth in September and a record trade surplus with the United States.
Warehouse stock for Copper at LME was at 166600mt that is down by -3500mt.
Daily Commodity Mcx Live Price
Friday, 12 October 2018
OPEC cuts oil demand estimate in 2019
OPEC on Thursday lowered its estimate for the global oil demand next year due to the slower economic growth and US shale output growth.
The monthly report of the Organization of the Petroleum Exporting Countries (OPEC) said in its latest report that the world oil demand growth is to decline to 1.36 million barrels a day in 2019 from 1.54 million barrels a day this year, Xinhua reported.
The cartel believed that the slowing economic growth and the increase of the world oil supply, led by the US shale output rise are the reasons of oil demand decrease.
The oil price rose in the past months due to the US sanctions on Iran.
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