Free MCX Crude Oil Tips Today: Crude Oil yesterday settled up by 2.4% at 4659 after a report from the U.S. National Hurricane Centre that a storm forming over the Western Gulf of Mexico will likely become a cyclone over the weekend raised concerns about possible disruptions in production.
However, traders weighed prospects of excess supply in the market following signs of progress in Iran nuclear talks, and uncertainty about energy demand due to the surge in coronavirus cases in Asia.
However, it is expected that gasoline demand will see a surge in the U.S. and Europe thanks to reopening of businesses and the momentum in vaccination drive. According to reports, top policymakers said sanctions prohibiting Iranian oil export could be lifted sometime soon.
The Persian Gulf nation’s president, Hassan Rouhani, said world powers have accepted that major sanctions will be lifted, though details and finer points are still awaited. A report from Baker Hughes said the number of U.S. rigs drilling for oil rose by 4 to 356 this week, increasing for a third straight week.
The total active U.S. rig count climbed by 2 to 455, the report said. Money managers cut their net long U.S. crude futures and options positions in the week to May 18, the U.S. Commodity Futures Trading Commission (CFTC) said.
Free MCX Crude Oil Tips Today: 4705 To 4780
- MCX Crude Oil Tips Today trading range is 4650—4810
- Crude Oil rose after a reports a storm forming over the Western Gulf of Mexico will likely become a cyclone raised concerns about possible disruptions in production.
- However, traders weighed prospects of excess supply in the market following signs of progress in Iran nuclear talks, and uncertainty about energy demand.
- However, it is expected that gasoline demand will see a surge in the U.S. and Europe thanks to reopening of businesses and the momentum in vaccination drive.
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Analysts are predicting “Dr. Copper” will go on a sustained rally as the China-led global economy shows signs of climbing out of the coronavirus slump, though some long-term investors are adamant about staying away.
The benchmark copper price on the London Metal Exchange in early May hit a record high, at $10,460 a ton, and has since remained above $10,000. Its price had not been near that threshold for a decade; to reach it, it almost doubled in a year.
Market analysts are not surprised. : The leap “was expected,” said Takayuki Honma, chief economist at Sumitomo Corporation Global Research. “Sooner or later the price would have gone above $10,000.”
The impact of the pandemic has done little to soften demand, mainly due to China’s speedy recovery.
Copper is mainly used to make electric cables and is indispensable to infrastructure builders. It earned its “Dr.” honorific with its uncanny ability to predict the health of the world economy.
China’s recovery has triggered a price jump for many commodities despite the pandemic. In just one year, iron ore prices jumped 78% and the benchmark price of lumber tripled. The price of other metals such as nickel and aluminum have also risen.