West Texas Intermediate (WTI) Oil price edges higher following a more than 7% decline registered in the previous week, trading around $68.90 per barrel during the Asian hours on Monday. However, the downside may be limited as rate cuts in China, the largest Oil importer, are expected to stimulate domestic economic activity, potentially increasing demand for Oil. The People’s Bank of China (PBoC) lowered the 1-year Loan Prime Rate (LPR) to 3.10% from 3.35% and the 5-year LPR to 3.6% from 3.85%, aligning with expectations.
crude oil
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Crude oil prices fall by $2 on demand concerns, Israel comments
Crude Oil prices fell $2 in early Asian trade on Tuesday, as OPEC lowered its outlook for global oil demand growth in 2024 and 2025 and a media report said Israel is prepared to strike Iranian military bases, not nuclear or oil targets.
Crude oil near $71 amid Middle East tensions
Crude oil futures rose toward $71 per barrel, reaching a near one-month high as Middle East tensions escalated. Irans missile attack on Israel sparked concerns over potential disruptions in oil supply from the region, which accounts for a third of global production. Despite the tension, EIA data showed a 3.89 million barrel increase in U.S. crude inventories and weak gasoline demand. OPEC+ plans to restore some halted capacity starting in December, further easing concerns. MCX October delivery oil futures were up by Rs 57, trading near Rs 6000.
Wall Street today: US stocks mixed after labor market data
Wall Street today: The Dow Jones rose 0.20%, the S&P 500 was flat, the Nasdaq dropped 0.12% US stocks were mixed on Thursday as investors parsed through mixed labor market data.
Crude Oil crashes 5% to hit nine-month low on reports of Libya dispute resolution; Brent slips below $74, erases 2024 gains
International crude oil prices crashed five per cent on Tuesday, September 3, to hit their lowest levels in nine months after reports emerged that a deal was in the offing to resolve a dispute that has halted Libyan production and exports. The Libya news compounded an earlier price fall tied to weak Chinese economic data.
Brent Crude Oil Falls to 8-Month Low
Brent crude futures fell to below the $75.9 per barrel mark on Tuesday, the lowest since mid-December 2023, as expectations of muted demand magnified the impact of relatively ample supply. A batch of new data from China exacerbated concerns that economic growth from one of the world’s largest oil consumers is unlikely to bounce back this year, with key gauges of domestic factory demand dropping more than expected in August.
Crude Oil sits 2% lower after China data fuels demand concerns amid US Fed rate cut hopes; Brent slips below $80/bbl
Global crude oil prices settled down nearly two per cent in the previous session, with Brent crude below $80 a barrel, as investors tempered expectations of demand growth from top oil importer China. Crude oil prices were little changed on the week after Wall Street lifted US Fed’s interest rate cut bets.
Crude oil prices jump due to sharp drop in reserves
Crude Oil Forecast for Today, 08 August 2024: Oil prices rose for a third day after a significant drop in US crude oil reserves. Brent and WTI futures saw marginal gains. An unexpected drop in US crude oil reserves and potential supply risks in the Middle East also fueled the surge in prices. In addition, Libya announced production cuts due to protests, which increased market volatility.
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Fundamental Analysis of Commodity Market for Today [30 July 2024]
Gold Market Report: पिछला सप्ताह सराफा बाजार के लिए, खास तौर पर भारत में, काफी घटनापूर्ण रहा। बजट में घोषित 9% शुल्क कटौती ने आभूषण उद्योग और निवेशकों को काफी बढ़ावा दिया। इस कदम ने सोने को और अधिक किफायती बना दिया, जिसकी कीमतें अपने रिकॉर्ड उच्च स्तर से 8% से अधिक कम हो गईं, जिससे दीर्घकालिक धारकों के लिए एक आकर्षक निवेश अवसर प्रस्तुत हुआ; धातु उस दिन ~6% नीचे थी। हाजिर बाजारों में, सोने (Gold) में लगातार दूसरे सप्ताह गिरावट आई क्योंकि अमेरिकी जीडीपी आम सहमति से बेहतर रही। इस सप्ताह, हम अमेरिका से भारी डेटा प्रवाह के कारण निरंतर अस्थिरता की उम्मीद करते हैं।
MCX Crude Oil Tips: Yesterday Crudeoil Buy Call Rocking Profit 66,000 in 2 Lots
MCX King Neal Bhai MCX Crude Oil Tips, 01 July, 2024: Yesterday Crudeoil Buy Call Rocking Profit Rs. 66,000 in 2 Lots. CrudeOil prices rise as demand is expected to ramp up in the U.S. and amid concerns around Hurricane Beryl.