Crude Oil Prices surged on Friday after the Organisation of the Petroleum Exporting Countries (OPEC) and some non-OPEC producers including heavyweight Russia announced they would cut oil supply by 1.2 million bpd, with an 800,000 bpd reduction planned by OPEC-members and 400,000 bpd by countries not affiliated with the group.
Gold Prices Zoom to Near Five-Month High – Gold Silver Update
The dollar fell about 0.5% as U.S. Treasury yields tumbled and traders scaled back expectations on the number of hikes the Fed would implement amid weakening economic data and market volatility.
Spot Gold was up 0.1 Percent at $1,248.96 Per Ounce
Spot gold was up 0.1 percent at $1,248.96 per ounce, as of 0432 GMT, after hitting its highest since July 11 at $1,250.55 earlier in the session.
Gold Prices Up Rs 250, Silver Zoom Rs 800 – Gold Silver Reports
Silver gained Rs 800 to close at Rs 38,500 per kg on higher demand from industrial units and coin makers.
Crude Oil Prices Surge more than 4% as OPEC nears Deal to Cut Output
Brent crude, the international benchmark for oil prices, rose $2.78, or 2.6 percent, to $62.84 a barrel by 8:47 a.m. ET (1347 GMT). U.S. West Texas Intermediate crude futures were up $2.17, or 4.2 percent, at $53.66 per barrel.
Russia has reportedly agreed to cut 200,000 bpd, clearing a hurdle for OPEC to agree to specific reductions.
Russia has reportedly agreed to cut 200,000 bpd, clearing a hurdle for OPEC to agree to specific reductions.
OPEC source says Iran has agreed to OPEC deal: RTRS
OPEC source says OPEC to cut around 800 kbpd- RTRS
The Saudis have been leading calls for the group to trim output, amid surging supply and fears that an economic slowdown will erode fuel demand. The oil-rich kingdom has previously indicated it wants the group to curb output by at least 1.3 million barrels per day (bpd).
Gold Prices Zoom to Near Five-Month High – Gold Silver Reports
Gold Silver Reports (GSR) – Spot gold rose 0.26% to $1,240.72 per ounce, having earlier reached $1,244.32 per ounce, its highest since July 17. US gold futures were 0.28% higher at $1,246.10 per ounce.