Here’s Why Crude Oil Is Headed To $80

Commodities MCX

This week in the commodity market Gold, Silver and Crude Oil futures contracts closed with gains and losses as follows:

GOLD 10 g” (99.9 Pure)

  • In the commodity market last week Gold February 2019 futures contract closed at ₹31,928 with the aggregate gain of ₹472
  • In the current week Gold Feb futures contract opens at ₹31,989 on Monday
  • Gold highest gain ₹213 on Monday
  • Gold highest loss ₹177 on Friday
  • Week last day of the Intra-day trading Gold closed at ₹32,091 with the aggregate gain of ₹163.

 

SILVER (1 KG)

  • Coming to the Silver last week Silver March 2019 futures contract closed at ₹39,336 with the aggregate gain of ₹163
  • In the current week Silver futures contract opens at ₹39,305 on Monday
  • Silver highest gain ₹216 on Monday
  • Silver highest loss ₹202 on Friday
  • Week last day of the Intra-day trading Silver closed at ₹39,198 with the aggregate loss of ₹138

CRUDE OIL (1 BBL)

The oil sell-off was extremely overdone and anticipated scenarios that are very unlikely to occur. Saudi Arabia’s power to control prices, intermediate term is vastly underappreciated by shale struck traders. Canada cutting oil exports to the U.S. is one-part smart for them and one part “Trudeau’s Revenge!” Oil inventories have been showing draws and those draws will increase dramatically in January and continue thru about July. WTI oil traded in the upper $60s to middle $70s from May 2018 through October 2018. Crude Oil hit its high price for the year at $76.40 per barrel. Brent crude peaked at $86.07 on October 4th. You can see that the price of WTI crude oil has gravitated towards about $80 per barrel so far this century. It is likely to embark on an emphatic price rise towards $80 per barrel in the first half of 2018.

  • Last week Crude oil Jan 2019 futures contract closed at ₹3,632 with the aggregate gain of ₹284.
  • In the current week Crude December futures contract opens at ₹3,606 on Monday 14th Jan 2019.
  • Crude Oil highest gain ₹139 on Friday
  • Crude Oil highest loss ₹4 on Wednesday
  • Week last day of the trading Crude Oil closed at ₹3,827 with the aggregate gain of ₹195

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