Considering that India is a major importer of crude oil, the trade tensions between the developed economies and supply cuts by OPEC countries may have an impact on oil prices in India going forward. The rise in oil prices will have a direct impact on the current account deficit, while some of the effect might rub off on the fiscal deficit too. With Brent touches five-month high on Monday, Goldman Sachs has raised its crude oil price forecast for this year, in what could worry for the Indian government and consumers alike, who may have to face a higher inflation and rising fuel prices at home. Brent crude oil price has been on a continuous rally owing to tensions in Libya — one of the largest oil producers in the world, the decline in supply by OPEC countries, and US sanctions against Iran and Venezuela. On the other hand, higher crude oil prices may spell trouble for people as well. Inflation is below RBI’s medium-term target of 4% for now. But the rise in crude oil prices may lead to a surge in petrol and diesel prices, and an accompanying recovery in food prices may stoke inflation going ahead.
This week commodity market Gold, Silver closed in loses while Crude Oil futures contracts closed with gains and losses as follows:
GOLD 10 g” (99.9 Pure)
- In the commodity market last week Gold April futures contract closed and June 2019 futures contract will be continued which closed at ₹31,873 only.
- In current week Gold April futures contract opens at ₹31,900 on Monday.
- Gold highest gain ₹313 on Monday
- Gold highest loss ₹531 on Thursday
- Week last day i.e. Friday Gold closed at ₹31,862 with the aggregate loss of ₹11 only.
SILVER (1 KG)
- In the commodity market last week Silver May 2019 futures contract closed at ₹37,519 with an aggregate loss of ₹242 only.
- In current week Silver May futures contract opens at ₹37,690 on Monday.
- Silver highest gain ₹494 on Monday.
- Silver highest loss ₹941 on Thursday.
- Week last day i.e. Friday Silver closed at ₹37,220 with the aggregate loss of ₹299 only.
CRUDE OIL (1 BBL)
- In the commodity market last week Crude oil April 2019 futures contract closed at ₹4,362 with an aggregate gain of ₹117.
- In current week Crude future April contract opens at ₹ 4,380 on Monday.
- Crude Oil highest gain ₹119 on Monday.
- Crude Oil highest loss ₹85 on Thursday.
- Week last day i.e. Friday Crude Oil closed at ₹4,481 with the aggregate gain of ₹119 only.