Worldwide coronavirus cases surpassed 90 million on Monday, according to Reuters tally, as nations around the globe scramble to procure vaccines and continue to extend or reinstate lockdowns to fight new coronavirus variants.
Bullion prices traded under pressure with rise in US bond yields despite of weaker dollar on strong equity indices. The strong equity indices on economic growth optimism pushed bullion prices down for the day.
On the Multi Commodity Exchange, crude oil for March delivery traded higher by Rs 57, or 1.25 per cent, at Rs 4,625 per barrel in 5,929 lots.
WTI oil prices are expected to move higher towards $62/bbl in a month time frame, while MCX oil futures might move higher towards Rs 4,500/bbl in the same time frame.
Crude stockpiles rose by 1 million barrels in the week to Feb. 19, the American Petroleum Institute (API) reported on Tuesday, against estimates for a draw of 5.2 million barrels in a Reuters poll.
Bullion prices made strong comeback after previous week’s decline while base metals prices continued upside with China demand.
Bullion prices traded under pressure with rise in US bond yields despite of dovish stance from US Fed chairman Jerome Powell, as he signalled accommodative policy for next couple of years to support economic recovery.
Globally, West Texas Intermediate crude oil gained 0.67 per cent to $60.45 per barrel, while Brent crude traded 0.87 per cent higher at $63.90 per barrel in New York.
Bullion prices pared some of weekly loses ended higher on Friday while base metals continued to soar on strong demand outlook.
West Texas Intermediate crude oil was trading 0.76 per cent higher at $59.92 per barrel, while Brent crude oil was quoting 0.09 per cent down at $63.24 per barrel in New York.
Investor behaviour on the ONGC counter so far in February showed they expect the gains to sustain in the near term.
The international benchmark Brent crude oil prices have risen by 28 per cent since the beginning of the year from $51.22 to $65.74 per barrel on Tuesday on expectations of improvement in oil demand in 2021 and production cuts.
Brent crude futures for March fell 15 cents, or 0.3 per cent, to $55.26 a barrel by 0158 GMT, while US West Texas Intermediate crude for March was at $52.19 a barrel, down 8 cents, or 0.2 per cent.
Bullion prices halted five day slide on Thursday on mixed global cues with profit taking in equity indices. Precious metals traded under pressure with rise in bond yields and stronger dollar.
Base metals traded strong on higher demand optimism. Bullion prices pared early gains with rise in bond yields despite of dollar decline.
Bullion prices traded under pressure with rise in bond yields as vaccine rollouts boosted economic growth optimisms. The risk on sentiments drove investors out of precious metals.
"We had concerns that oil prices would not rise above $40 when we announced this deal for the first time in the history of Iraq," Ihsan Abdul Jabbar told the channel.
Have recently hit 11-month highs, oil is offset by optimism for more stimulus from the newly installed Biden administration in the United States to support economic growth as vaccines are rolled out.
Brent crude was up by 11 cents, or 0.2%, at $61.20 by 0110 GMT after rising nearly 1% on Tuesday, when it touched a 13-month high. U.S. crude added 2 cents to $58.28.
Bullion prices traded higher supported by weaker dollar. The dollar index was down by 0.20 per cent in the morning trade boosting buying in precious metals.
Brent crude was up 7 cents, or 0.1%, at $65.31 a barrel by 1505 GMT, still close to its highest levels since January 2020. US crude fell 14 cents, or 0.2%, to $61.56 a barrel.
Crude oil prices pared weekly losses on geopolitical tensions on Iran while base metals gained on demand growth optimism. The dollar index ended 0.62 per cent down for the week.
Global oil benchmark Brent has jumped 59% since early November when news of successful vaccines emerged, after COVID-19 travel curbs and lockdowns last year hammered fuel demand and collapsed oil prices.
Companies are using restored power from grids or generators to resume output that was halted by the frigid weather, according to people familiar with the matter. The timeline for a full restoration of the estimated 40% or so of U.S. oil production that was shut in by the big freeze is unclear.
Analysts caution that the fast run-up in oil prices has driven both crude futures contracts into overbought territory.
Bullion prices pared weekly gains with gold prices falling nearly 1% while crude oil prices declined in lower demand outlook. The dollar index ended marginally up recovering from recent lows for the day.
Crude oil prices witnessed recovery in the evening session while base metals traded upside on lower supply fears. The dollar index ended marginally down which helped commodities to trade frim for the day.
Vaccine rollouts and strong optimism over economic recovery has led to some liquidation in precious metals with risk-on sentiments. The rally in US bond yields and dollar recovery has kept bullion prices lower for the last few months.
Base metals complex witnessed strong buying with copper rallying the most. Bullion prices continued moving upside supported by weaker dollar which fell by over half a percent for the day.
Brent crude was down 28 cents, or 0.5%, at $55.60 by 0747 GMT, while U.S. crude fell 26 cents, or 0.5%, to $52.51. Both rose nearly 1% on Monday.
Crude oil prices continued surging to multi-month highs on stronger demand prospects. Bullion prices gained on weaker dollar over stimulus hopes.
Brent crude oil futures dipped 5 cents, or 0.1%, to $56.01 a barrel by 0124 GMT, while U.S. West Texas Intermediate (WTI) fell by 1 cent to $52.90 a barrel.
On MCX, crude oil for February delivery traded 1.56% higher at Rs 4,483 per barrel .
Bullion prices traded up from the support levels on disappointing US payroll data and stimulus hopes. However, continuous dollar strengthening has capped the upside in precious metals.
Surging new infections throughout the world have raised doubts about how long demand would hold up.
Brent crude futures were down 33 cents, or 0.5%, at $63.60 a barrel by 11:06 a.m. (1606 GMT) U.S. West Texas Intermediate (WTI) crude futures fell 60 cents, or 1%, to $59.92.
Crude oil for the February delivery traded higher by Rs 24, or 0.59 per cent, at Rs 4,094 per barrel in 6,227 lots.
Brent crude futures for April gained 19 cents, 0.3 per cent, to $67.23 a barrel by 0400 GMT, while U.S. West Texas Intermediate crude for April was at $63.30 a barrel, up 8 cents, 0.1 per cent.
Bullion prices declined on stronger dollar and positive economic data from US, while base metals witnessed muted trading ahead of Chinese holidays. The dollar index ended up by 0.39 per cent for the day.
"It looks like the market's really paying attention to some of the demand concerns. The one which has really taken over moreso than others is what's going on in China," said Commonwealth Bank Commodities Analyst Vivek Dhar.
Brent crude was up 51 cents, or 0.9 per cent, at $56.86 a barrel by 0134 GMT, while U.S. oil gained 53 cents, or 1 per cent, to $54.08 a barrel. Both contracts rose more than 2 per cent in the previous session.
Gold prices traded under pressure on stronger dollar while crude oil and base metals recovered on demand growth optimisms. The dollar index traded near two months high on vaccine rollouts and positive economic data.
Brent crude for April touched a high of $59.95 a barrel and was at $59.85 by 0041 GMT, up 51 cents, or 0.9%. Front-month prices last hit $60 on Feb. 20, 2020.
Silver prices retreated from recent highs on higher margins while crude oil prices continued to soar on supportive fundamentals. The dollar index continued to weigh on commodity prices which gained by 0.24 per cent for the day.
U.S. West Texas Intermediate (WTI) crude futures gave up 33 cents, or 0.6% to $59.72 a barrel at 0140 GMT, retreating from a 13-month high of A$60.95 hit on Tuesday.
Brent crude dropped 97 cents, or 1.9 per cent, to $51.29 a barrel by 0103 GMT after rising 1.5 per cent and touching its highest since March last Friday.
India's imports from Canada and the United States almost doubled from December to 142,000 bpd and 367,000 bpd, respectively. The United States emerged as the fourth-biggest supplier to India after the United Arab Emirates.
The American Petroleum Institute (API) reported crude oil inventories in the United States, the world's biggest oil consumer, fell by 5.3 million barrels in the week to Jan. 22 compared with analysts' expectations in a Reuters poll for a build of 430,000 barrels.
Half of those set to be impacted live in Nigeria, where a 70- percent drop in oil revenues would cut state income by one third, an analysis found.
Wider vaccine roll out, falling Covid cases, increased economic activity and artificial supply restrictions by key producers are boosting oil prices that have risen two-thirds since October. Investment bank Goldman Sachs expects prices to rise to $70 by the second quarter of the year.
Brent crude futures rose 16 cents, or 0.3 per cent, to $57.62 a barrel, in a fourth straight day of gains after hitting $58.05 on Tuesday, its highest in more than 11 months.
Participants widened their positions on firm spot demand.
Futures in London jumped as much as 1.8% at the open after closing at the highest in almost 13 months. The global crude benchmark last traded above $65 on Jan. 21, 2020 before Covid-19 wreaked havoc on global energy markets.
The global rollout of coronavirus vaccinations, fuelling expectations of a recovery in the global economy and oil demand, has also kept prices buoyant.
Analysts said raising of bets by participants kept crude oil prices higher in futures trade.
Brent crude futures gained 4 cents, or 0.1 per cent, to $58.50 a barrel, by 0120 GMT. On Wednesday, Brent prices hit their highest since Feb. 21, 2020.
Brent crude was up $1.31, or 2.3%, at $57.66 a barrel by 1500 GMT for its third straight day of gains and the highest levels since February last year.
Recent increases in crude prices and the rapid drawing down of visible stockpiles will undoubtedly lead to calls for a more rapid raising of production targets than was envisaged in December.
“We are in a much better place than we were a year ago, but I must warn, once again, against complacency. The uncertainty is very high, and we have to be extremely cautious,” the minister said in a speech on Wednesday.
Gold has been under pressure while silver has rallied on speculative trading. Similarly, there have been varied movements in metal and agro commodities. Here are 10 strategies that may deliver good returns in one week:
Crude oil for January delivery traded higher by Rs 27, or 0.71 per cent, at Rs 3,840 per barrel in 1,409 lots.
US West Texas Intermediate crude was at $52.25 a barrel, down 11 cents, or 0.2 per cent. There was no settlement on Monday as US markets were closed for a public holiday. Front-month February WTI futures expire on Wednesday.
Brent was down 46 cents, or 0.8 per cent, at $55.96 by 0544 GMT, after gaining 0.6 per cent on Thursday.
Brent crude was up 88 cents, or 1.4%, at $63.31 a barrel at 1320 GMT, after climbing to a session high of $63.76, the highest since Jan. 22, 2020.
Brent crude futures were up 36 cents, or 0.7%, at $55.40 a barrel by 0612 GMT, while U.S. West Texas Intermediate (WTI) gained 24 cents, or 0.5%, to $52.44. Both benchmarks gained nearly 8% in January.
US crude inventories fell unexpectedly in the week, dropping 6.6 million barrels according to the Energy Information Administration, compared with an expected 985,000-barrel increase forecast in a Reuters poll.
Crude oil for February delivery traded higher by Rs 23, or 0.56 per cent, at Rs 4,133 per barrel in 5,510 lots.
U.S. Democrats are still trying to convince Republican lawmakers of the need for more stimulus, raising questions over when and in what form a package will be approved.
Crude oil for the January delivery eased by Rs 12, or 0.31 per cent, to Rs 3,887 per barrel with a business volume of 2,403 lots.
Bullion prices surged on easy monetary policy from major central banks while dollar fell for the third straight day on stimulus hopes. The profit booking in Bitcoin also boosted buying in precious metals.
In the last 12 days (since February 9), the price has gone up by Rs 3.63 per litre for petrol while the diesel rate has risen by Rs 3.84 a litre. The petrol and diesel prices have increased 24 times in 2021.
Brent crude futures climbed 39 cents, or 0.7%, to $56.30 a barrel at 0736 GMT, adding to a small gain on Tuesday.
Energy counters are seeing a lot of action due to bad weather and output cuts, while metals are also not devoid of activity. Here are some of the commodity buy-sell strategies that may provide decent returns during the week:
Brent crude was up 38 cents, or 0.6%, at $61.52 a barrel by 11:06 a.m. ET (1606 GMT) having dropped to a session low of $60.35 earlier. US oil was up 22 cents, or 0.4%, at $58.46 after falling to a session low of $57.41.
Bullion prices traded higher on stimulus hopes from Biden administration ahead of US Treasury secretary Janet Yellen’s testimony.
Bullion prices have kept to lower trading range on dollar buying while US bond yields remained fluctuated near 10 months highs.
As the government announces its Budget, some metals warrant a change in strategy. Meanwhile, some agricultural commodities are also presenting ample opportunities to make money. Here are 10 commodity bets analysts say can deliver returns of up to 14 per cent this week:
Brent crude for April touched an intraday high of $60.06 a barrel, the highest since January last year. The front-month contract was at $59.90 by 0728 GMT, up 56 cents, or 0.9 per cent.
Opening trading for December Brent crude was down 20 cents, or 0.4per cent at $47.68 a barrel by 0136 GMT, after dropping more than 1per cent on Monday.
Brent crude oil surged above $65 a barrel on Thursday, a level not seen since last January.
Fuel prices hiked for 12th straight day; petrol costs Rs 90.58 per litre in Delhi, diesel at Rs 80.97
Fuel prices see a hike for the twelfth consecutive day on Saturday; petrol selling at Rs 90.58 per litre in the national capital while diesel costs Rs 80.97 per litre. Watch this video to know more.Fuel prices hiked for 12th straight day; petrol costs Rs 90.58 per litre in Delhi, diesel at Rs 80.97
Brent crude oil futures fell 42 cents, or 0.8%, to $55.57 a barrel by 0146 GMT after earlier climbing to $56.39, its highest since Feb. 25, 2020. Brent rose in the previous four sessions.
Bullion prices witnessed buying in Thursday's evening session with decline in dollar over stimulus hopes and loose monetary policy from US Federal Reserves.
Crude oil for January delivery traded higher by Rs 20, or 0.54 per cent, at Rs 3,758 per barrel in 2,582 lots.
Brent crude futures were down 88 cents, or 1.7% to $50.03 a barrel at 0730 GMT
Brent crude futures climbed 45 cents, or 0.8 per cent, to $59.28 a barrel, after hitting a high of $59.32, its highest since Feb. 20 last year. Brent is on track to rise 6 per cent this week
Crude oil for the January delivery traded higher by Rs 18, or 0.48 per cent, at Rs 3,739 per barrel in 2,523 lots.
The continuing hike in fuel prices has attracted nationwide criticism, with opposition parties demanding that taxes be brought down immediately. The govt, however, said last week there was no plan to reduce excise duty to bring prices down.
Crude oil for the January delivery traded higher by Rs 91, or 2.58 per cent, at Rs 3,618 per barrel in 1,496 lots.
U.S. crude oil inventories rose 2.6 million barrels in the week to Jan. 15, according to data from the American Petroleum Institute, an industry group, compared with analysts' forecasts in a Reuters poll for a fall of 1.2 million barrels.
In Mumbai, petrol price is just Rs 4 per litre short (Rs 95.75 a litre) touching the three-digit mark of Rs 100 per litre for the very first time ever anywhere in the country. Diesel prices in the city are closing on Rs 90 a litre (Rs 86.72 a litre).
"The spread of coronavirus infection and fresh restrictions in the United States and other parts of the world hit market sentiment as it would hamper fuel demand," said Kazuhiko Saito, chief analyst at Fujitomi Co. "Investors are also booking profits from the recent rally before the U.S. Thanksgiving holiday later this month," he said.
Crude oil for the January delivery traded higher by Rs 91, or 2.58 per cent, at Rs 3,618 per barrel in 1,496 lots.
Amid rising fuel prices, the Congress on Tuesday demanded immediate withdrawal of taxes on the petroleum products, and alleged that in the last six years the Modi government has earned more than Rs 20 lakh crore through excise even as a common man suffers. Calling it a 'Modi Tax', party spokesperson Pawan Khera said removing the additional excise duty in itself will reduce petrol price to Rs 61.92 per litre and diesel price to Rs 47.51 per litre in the national capital. "Every common Indian deserves this relief immediately," Khera told reporters at AICC headquarters in New Delhi. Watch now. (Text: IANS)Withdraw 'Modi Tax' on petrol, diesel immediately: Congress to govt
With falling temperatures in the Western Hemisphere and improving business activities in many parts of the world, energy counters are looking to rally. Many metals are also poised to rise. Here are 10 commodities that may give good returns this week.
OPEC and Russia on Thursday agreed to ease deep oil output cuts from January by 500,000 barrels per day, failing to come to a compromise on a broader policy for the rest of next year.
As the risks around Covid-19 diminish with the introduction of the vaccines, rising demand for crude oil is making a case for re-initiation of 'buy' positions. Some agro-commodities are also presenting ample opportunities to make money. Here are 10 commodities where analysts believe you can get returns of up to 8 per cent this week:
Brent crude futures were up 10 cents at $55.14 a barrel by 0233 GMT, while U.S. West Texas Intermediate (WTI) gained 1 cents to $52.21. Both benchmarks gained nearly 8% in January.
IEA expects global refinery throughput to rise by 4.5 million barrels per day in 2021 as against a 7.3 million barrels per day decline seen in 2020.
In the last nine days (since February 9), the price has gone up by Rs 2.59 a litre for petrol while diesel rate has risen by Rs 2.82 a litre.