Crudeoil Rates Traded firm Ahead of the Rig Count Data

Crudeoil Rates Traded firm Ahead of the Rig Count Data

Gold Silver Reports – Crude oil prices traded firm ahead of the rig count data in the US. Meanwhile, IEA, which coordinates energy policies of industrialized nations, said it now believed non-OPEC output would fall by 750,000 barrels per day (bpd) in 2016 compared to its previous estimate of 600,000 bpd. For the day we recommend a buy in crude oil.

Gold prices steadied near highs, extending the previous session’s gains. The ECB cut interest rates across the euro zone to new record lows and boosted its quantitative easing program on Thursday. In the absence of any major data today prices are likely to trade firm. For the day we recommend a holding long in gold while a range based trade in silver can be seen.

Base metals traded higher as the Euro strengthened post the ECB event. Copper stocks at Shanghai-bonded warehouses have climbed to nearly 500,000 tonnes this week, compared with 450,000 tonnes two weeks ago that capped the gains. The prices are waiting for industrial production numbers from China tomorrow. For the day we recommend buy in copper, lead while trading range is expected in rest of the metals. – Neal Bhai Reports

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