US plays a key role in crude price rise and fall

Commodities MCX

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

GOLD 10 g” (99.9 Pure)

  • In the commodity market last week Gold February 2019 futures contract closed at ₹32,343 with the aggregate gain of ₹252.
  • This week Gold Feb futures contract opens at ₹32,340 on Monday
  • Gold highest gain ₹353 on Tuesday
  • Gold highest loss ₹01 on Wednesday
  • Week last day of the trading i.e. on Friday Gold closed at ₹33,405 with the aggregate gain of ₹1,062

SILVER (1 KG)

  • In the precious metals, Silver March 2019 futures contract closed at ₹39,670 with the aggregate gain of ₹472.
  • This week Silver futures contract opens at ₹39,885 on Monday
  • Silver highest gain ₹330 on Tuesday
  • No lose over the week
  • Week last day of the trading i.e. on Friday Silver closed at ₹40,576 with the aggregate gain of ₹906.

CRUDE OIL (1 BBL)

Prices rose, Trump hollered, supply signals were mixed, Iran was hit by sanctions and then prices fell back 2018 proved to be another year of mixed fortunes for the oil and gas industry, with prices firming up to levels that were more common pre-2014, before dipping down in November as fears of global oversupply, amid retrenchment in global economic growth, began to kick in. Nonetheless, for most of the year, the narrative was one of steadily rising prices sufficient for the ever-voluble US President Donald Trump to make repeated calls for price restraint from OPEC. With prices rising in June, Trump tweeted on 13 June that “oil prices are too high, OPEC is at it again. Not good!” Whether good or not, Trump’s moves may have had some short-term impacts. On 23 June, an OPEC ministers’ meeting in Vienna drew a broad commitment to boost production by about 1mn BBL/Day, despite Iran’s evident opposition. The aftermath of the meeting saw a quick increase in supply from Saudi Arabia and its major OPEC allies, helping compensate for lower Libyan, Venezuelan and Iranian production.

  • In the commodity market last week Crude oil Jan 2019 futures contract closed at ₹3,812 with the aggregate loss of ₹42.
  • In current week Crude futures February contract opens at ₹ 3,802 on Monday.
  • Crude Oil highest gain ₹138 on Tuesday
  • Crude Oil highest loss ₹130 on Monday
  • Week last day of the trading i.e. on Friday Crude Oil closed at ₹3,963 with the aggregate gain of ₹151.

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