Will India pull back China in oil demands?

Commodities MCX

This week 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 future contract closed at ₹31,595 with the gain of ₹1,351
  • In the current week Gold Dec futures contract opens at ₹31,647 on Monday
  • Gold highest gain ₹433 on Monday
  • Gold highest loss ₹205 on Thursday
  • Week last day i.e. Friday Gold closed at ₹31,553 with the aggregate loss of ₹42

SILVER (1 KG)

In the commodity market last week Silver March 2019 futures contract closed at ₹37,972 with the aggregate gain of ₹1,947

  • In the current week Silver futures contract opens at ₹37,907 on Monday
  • Silver highest gain ₹397 on Monday
  • Silver highest loss ₹302 on Friday
  • Week last day i.e. Friday Silver closed at ₹38,054 with the aggregate gain of ₹82

CRUDE OIL (1 BBL)

Global energy consultancy Wood Mackenzie forecast that India will overtake China as the world’s largest oil demand growth center by 2024. According to its report, demand is expected to grow by 3.5 million barrels per day from 2017 to 2035, accounting for a third of global oil demand growth. That’s driven by rising income levels, a growing middle class and increasing need for mobility, the report said.

  • Last week Crude oil December futures contract ended at ₹3,849 with the aggregate gain of ₹273
  • In current week Crude futures December contract opens at ₹3,808 on Monday
  • Crude oil futures contract closed with losses over all the week. Highest loss is ₹83 on Monday
  • Week last day i.e. Friday Crude Oil closed at ₹3,690 with the aggregate loss of ₹159

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