MCX COMMODITY EVENING NEWS UPDATES – 05 JULY 2017
CRUDE OIL- Crude oil prices were sharply lower in North American trade on Wednesday, giving up overnight gains after Russia ruled out any proposals to deepen the OPEC-led production cuts. Russia wants to continue with the current deal and any further supply curbs would send the wrong message to the market, according to government officials. In May, OPEC and some non-OPEC producers extended a deal to cut 1.8 million barrels per day in supply until March 2018. But so far the production-cut agreement has had little impact on global inventory levels due to rising supply from producers not participating in the accord, such as Libya and Nigeria, and a relentless increase in U.S. shale oil output. Trade volumes were thin on Tuesday, as U.S. markets remained closed for the Independence Day holiday. The commodity notched an eighth-straight session of gains on Monday, the longest such streak of wins for U.S. crude since January 2010, as investors cheered fresh signals of a decline in U.S. crude production. Investors now looked ahead to weekly data from the U.S. on stockpiles of crude and refined products.
GOLD - Gold prices edged higher in European trade on Wednesday, moving away from the lowest level in almost two months, as simmering tensions on the Korean peninsula supported demand for safe-haven assets. North Korea successfully test-launched a first intercontinental ballistic missile on Tuesday, which analysts said could put all of the U.S. state of Alaska in range for the first time. U.S. Secretary of State Rex Tillerson said that the long-range missile launch indicated a "new escalation of the threat" of President Kim Jong-uns regime and called for global action. The timing of the launch is significant, coming just days before leaders from the Group of 20 nations are due to discuss steps to curtail North Korea’s weapons programs. Meanwhile, investors will be eyeing developments in the Middle East, where Saudi Arabia, the United Arab Emirates, Egypt and Bahrain will meet later Wednesday to decide whether to continue sanctions they imposed on Qatar on accusations it was aiding terrorism and courting regional rival Iran.
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Posted on: 2017-07-05 18:09:28 Updated on: 2017-07-05 18:09:28