Tag Archives: crude

Oil edges down to $103/bbl, supply worry eases

9 Jul

NYMEX crude for August delivery was down 16 cents at USD 102.98 a barrel by 0018 GMT, after settling down 8 cents at USD 103.14 on Monday. It touched a 14-month high of USD 104.12 on Monday.

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US crude futures retreated to just below USD 103 a barrel on Tuesday, pressured by the return of a Libyan oilfield and Iraqi pipeline that eased concerns about global oil supplies.

Also Read : checkmatetrades

Fundamentals

NYMEX crude for August delivery was down 16 cents at USD 102.98 a barrel by 0018 GMT, after settling down 8 cents at USD 103.14 on Monday. It touched a 14-month high of USD 104.12 on Monday.

London Brent crude for August delivery was down 34 cents at USD 107.09 a barrel, after settling down 29 cents.

Libya’s major Sharara oilfield will resume operations after an agreement was reached with the armed group that shut it down last month, a senior Libyan oil source said on Monday.

A pipeline from Iraq to the Turkish port of Ceyhan will also resume operations in two to three days following an interruption caused by a leak, two sources in Iraq’s state-run North Oil Company (NOC) said on Monday.

Clashes in Egypt that left at least 51 people dead heightened geopolitical risk, but there has been no impact to ports and shipping through the Suez Canal.

Egypt will hold new parliamentary elections once amendments to its suspended constitution are approved in a referendum, the interim head of state decreed on Monday, setting out a time frame that could see a legislative vote in about six months.

US commercial crude oil stocks likely fell by 3.3 million barrels last week, a Reuters poll showed on Monday. Distillate stocks likely rose by 1.3 million barrels, while gasoline stocks were seen up 1.2 million barrels.

Market News

The Standard & Poor’s 500 Index rose 0.53 percent on Monday, edging closer to its all-time high set in May.

The dollar paused in its rally as investors bought beaten-down currencies such as the Australian dollar on Tuesday, although its broad uptrend is seen intact as the market tries to position for when the US Federal Reserve will start to slow its stimulus.

Checkout commodity sources

Should you Bet on Crude, Zinc, Gold Now? Experts Guide

4 Jul

Commodity experts are upbeat on crude, zinc, gold and copper, they advise buying them.

Reena Rohit of Angel Broking advises buying MCX near month crude oil contract around Rs 6,070 per barrel with a stop loss at Rs 6,020 per bbl for target of Rs 6,150 per bbl.

Dharmesh Bhatia of Kotak Commodities recommends buying on dips MCX July zinc at Rs 111 per kilogram with stop loss at Rs 110 per kilogram for target of Rs 114 per kilogram.

N Prasad of Safetrade Advisors suggests buying MCX gold at Rs 26,300 per 10gm with a stop loss of Rs 26,150 per 10gm for target of Rs 26,600 per 10gm.

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Sugandha Sachdeva of Religare advocates buying copper at Rs 418 per kilogram with stop loss at Rs 414 per kilogram for initial target of Rs 428 per kilogram with higher targets around Rs 432 per kilogram in coming days.

Watch video here: http://www.moneycontrol.com/news/commodities/should-you-betcrude-zinc-gold-now-experts-guide_911226.html