Commodity 

Saudis cut oil prices to woo buyers as OPEC+ boosts supply

By Administrator_ India Capital Sands Saudi Arabia cut oil prices for sales to Asia next month by more than twice the expected amount in a sign the world’s largest crude exporter wants to entice buyers to take more of its barrels. State producer Saudi Aramco is rolling back pricing on all of its grades to its biggest market in Asia. Three successive months of increases in the company’s official selling prices had left refiners smarting as the coronavirus pandemic plays havoc with the recovery in energy demand. But with Brent crude up 40% this…

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Commodity 

Gold prices slip to over 4-month low on early US Fed tapering fears

By Administrator_ India Capital Sands Gold slipped to a more than four-month low on Monday as solid U.S. jobs data stoked concerns of a sooner-than-expected interest rate hike, which could increase the opportunity cost of holding non-interest-bearing bullion. Spot gold fell 1.1% to $1,744.25 per ounce by 0616 GMT. In early Asia trade, prices slumped as much as 4.4% to $1,684.37, their lowest since March 31, triggered by some stop-loss selling. Trading was thin with Tokyo and Singapore on holiday. U.S. gold futures were down 1.1% at $1,744.50. The technical picture does not look good…

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Commodity 

Gold Up, Looks to End Week With Third Consecutive Weekly Gain

By Administrator_India Capital Sands Gold was up on Friday morning in Asia and is set to end the week with its third consecutive weekly gain. A drop in U.S. Treasury yields also gave the safe-haven yellow metal a boost while the dollar, which usually moves inversely to gold, inched up on Friday but fell from three-month highs. Gold futures edged up 0.14% to $1802.75 by 12:53 AM ET (4:53 AM GMT), with prices rising 0.8% for the week to date. The European Central Bank set a new inflation target of 2% in the…

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Commodity 

Oil Up, OPEC+ Delays Meeting on Production Policy

By Administrator_ India Capital Sands Oil was up Wednesday morning in Asia after the OPEC+ delayed its meeting this week on production policy. Brent Oil Futures rose 0.61% to $74.73 by 10:39 PM ET (2:39 AM GMT) and Crude Oil WTI Futures jumped 0.69% to $73.48. U.S. crude oil supply data from the American Petroleum Institute showed a draw of 8.153 million for the week ending June 25. Forecasts prepared by Investing.com predicted a 4.460 million-barrel draw, while a 7.199 million-barrel draw was recorded during the previous week. Crude oil supply data from the U.S. Energy…

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Commodity 

Oil Holds Above $73 as Shrinking U.S. Stockpiles Tighten Market

By Administrator_ India Capital Sands Oil held above $73 a barrel as shrinking U.S. crude and fuel stockpiles added to bullish sentiment around the global demand recovery. Futures in New York were steady after rising 0.3% on Wednesday. Gasoline inventories unexpectedly slipped last week, while crude stockpiles fell for a fifth week, the longest run since January. The declines add to a tightening market as North America, China, and parts of Europe rebound from Covid-19. The recovery has accelerated as vaccinations are rolled out worldwide, boosting fuel consumption and helping to drain…

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Oil Up, Fueled by Continuous Increase in U.S. Fuel Demand Commodity 

Oil Up, Fueled by Continuous Increase in U.S. Fuel Demand

By Administrator_ India Capital Sands Oil was up Friday morning in Asia, ending the week by extending gains from the highest close in more than two years. Optimism as U.S. fuel demand continues to increase gave the black liquid a boost, even as concerns over a potential Iranian supply increase remained. Brent oil futures were up 0.40% to $69.48 by 10:07 PM ET, inching towards the $70 mark. WTI futures gained 0.54% to $67.21, after settling at their highest finish since October 2018. A successful COVID-19 vaccine drive in the U.S.…

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Commodity 

Oil settles higher on stronger demand outlook as U.S inventories fall

By Administrator_ India Capital Sands Oil prices settled higher on Wednesday as a drop in U.S. crude stockpiles reinforced expectations of improving demand ahead of the peak summer driving season, offsetting worries that a possible return of Iranian supply would cause a glut. Brent settled up 22 cents, or 0.3%, to $68.87 a barrel, and U.S. West Texas Intermediate crude settled up 14 cents, or 0.2%, at $66.21 a barrel. Both benchmarks pared losses after government data showed U.S. crude stocks at the Cushing, Oklahoma, storage hub fell last week to the…

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Gold Steady Near Four-Month High Amid Fed Inflation Comments Commodity 

Gold Steady Near Four-Month High Amid Fed Inflation Comments

By Administrator_ India Capital Sands Gold steadied near the highest level in more than four months as investors weighed comments by Federal Reserve officials who sought to soothe concerns about inflation. Governor Lael Brainard, Atlanta Fed President Raphael Bostic, and St. Louis’s James Bullard said they would not be surprised to see bottlenecks and supply shortages push prices up in coming months as the pandemic recedes and pent-up demand was unleashed, but much of those price gains should prove temporary. Gold is close to erasing this year’s decline as investors…

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Oil Up, Fueled by Continuous Increase in U.S. Fuel Demand Commodity 

Oil Up as Iran Nuclear Deal Talks Continue

By Administrator_ India Capital Sands Oil was up Monday morning in Asia, with investor sentiment boosted by signs of the U.S.’ continuing economic recovery from COVID-19 and the improved outlook for fuel demand. Investors are also monitoring the progress of talks to revive a 2015 Iranian nuclear deal that is likely to increase global crude supply. Brent oil futures gained 0.63% to $66.77 by 1:13 AM ET (5:13 AM GMT), with the contract rolling over to the Aug. 21 contract on May 23. WTI futures were up 0.63% to $63.98. Iranian President Hassan Rouhani said…

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Gold Steady Near Four-Month High Amid Fed Inflation Comments Commodity 

Gold Down, as Mixed Economic Data Takes Shine off Yellow Metal

By Administrator_ India Capital Sands Gold was down on Friday morning in Asia, with investors digesting a slew of economic data as the month of April ends. Gold futures were up 0.12% to $1,766.15 by 11:11 PM ET (3:11 AM GMT). The U.S. GDP rose 6.4% quarter-on-quarter in the first quarter of 2021 and 553,000 initial jobless claims were filed over the past week, with government support such as money to mostly low-income households driving Thursday’s positive data. Investors also continue to monitor progress on a $1.8 trillion stimulus plan proposed by U.S. President Joe Biden…

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