LONDON: Oil prices were broadly stable on Wednesday, recouping earlier losses after rising US crude stockpile data and an increase in coronavirus infections in the United States cast doubts over a swift pickup in oil demand. Brent crude futures fell 1 cent to $ 43.07 a barrel by 0832 GMT. US West Texas Intermediate (WTI) […]
Author: MCX India
Oil dips as US inventory build stokes supply fears
TOKYO: Oil prices eased in early trade on Wednesday as industry data showing a build in U.S. crude stockpiles and a forecast for U.S. crude output to fall less than anticipated in 2020 added to worries about oversupply. Brent crude futures fell 13 cents, or 0.3%, to $ 42.95 a barrel by 0019 GMT. U.S. […]
Commodity outlook: Crude oil drops; here is how others may fare
NEW DELHI: Barring zinc and lead, all metal and energy counters on MCX traded in the red on Wednesday amid sharp rise in Covid-19 cases in many parts of the world that threatens economic recovery. Crude oil dipped 0.95 per cent as supply increased while its peer natural gas fell 1.26 per cent. Silver and […]
Gold prices today slip as investors' risk appetite rises
NEW DELHI: Gold and silver saw profit booking in early trade on Wednesday as risk appetite among investors grew on hopes of a swift recovery in economic conditions. However, a sharp rise in Covid-19 cases checked the losses. India has reported a total of 7.4 lakh cases of coronavirus, the third highest in the world. […]
Crude oil prices slip as US virus spike stokes demand worries
LONDON: Oil prices edged lower on Tuesday amid concerns that a surge in new coronavirus cases, especially in the United States, will hamper any recovery in fuel demand. Brent crude futures declined by 7 cents, or 0.16 per cent, to $ 43.03, by 1404 GMT, after hitting a session low of $ 42.46. US West […]
Sebi looking at allowing futures trade in petrol, diesel: Official
New Delhi: Markets regulator Sebi is looking at permitting futures trading in petrol and diesel, an official said emphasising that there has been no disruption in commodities derivatives trading during the COVID-19 crisis. The Securities and Exchange Board of India (Sebi) is also looking at re-allowing futures trade in tur and urad, which were banned […]
Gold prices retreat from multi-year peak as dollar rebounds
Gold fell on Tuesday in the face of competition from safe haven inflows into the dollar as COVID-19 cases increased globally and investors booked profits following bullion’s rally to a near eight-year peak. Spot gold fell 0.4 per cent to $ 1,776.43 per ounce by 959 GMT. It earlier touched a high of $ 1,786.91, […]
Cooking oil imports rise to 8-month high in June
New Delhi: India’s imports of edible oil rose 8% to an eight-month high of 1.12 million tonnes in June compared to an year ago, as importers partly made up for the low stock in the previous two months, trade boy Solvent Extractors’ Association (SEA) said. However, demand is still lower than the pre-Covid level and […]
Indian households shun downmarket palm oil, cutting demand in lockdown
Palm oil demand in India, the world’s top edible oil importer, is set to plunge this year as coronavirus lockdowns slash food service sector demand and households opt for alternatives at the supermarket. India’s palm oil imports could plunge 20% from a year ago to 7.5 million tonnes in the 2019/20 marketing year ending on […]
Oil prices inch higher on output cut support, but US coronavirus spike caps gains
MELBOURNE: Oil prices cautiously rose in early trade on Tuesday with major producers sticking to supply cuts, but gains were capped as U.S. coronavirus cases surged, potentially hampering a recovery in fuel demand. U.S. West Texas Intermediate (WTI) crude futures climbed 13 cents, or 0.3%, to $ 40.76 a barrel at 0103 GMT, recouping a […]