Crude oil prices rise amid light volumes, hitting a two-week high following Red Sea disruptions, OPEC reaffirming its commitment to output policy. Manisha Gupta with more details.
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Shipping costs but what is the impact on Commodities because of all of this Manisha Gupta is joining us with all the update hey Manisha good morning hey morning and thank you for that well yes uh the Red Sea disruptions is something that the markets are keeping an eye on
And is the reason that you have seen that premium come in for many of those Commodities traded via that area the crude oil prices itself are trading at around $81 a barrel uh remember the volumes are pretty light and the participation continues to weaken as we
Head towards the New Year’s the OPEC in the meanwhile continues to reff confirm the commitment for the output policy that even after Angola leaving the output quota that the members have been assigned they will adhere to that markets also are looking at the easing US inflation numbers and the hopes of
Rate Cuts in 2024 have been supportive as well the decline though has continued in case of the natural gas prices down by 40% now in 2023 prices did gain 20% in 2022 and the markets do believe that for the year next year that is 2024 you could be looking at consolidation and
Further decline in prices that is because the US is looking at record production and the inventories are 8 and a half% higher than the average the warm winter projections also continue to weigh onto the markets a quick word on gold then and we have seen the weakness
In US dollar and bond deal supposed support the gold prices we are holding around that $260 per ounce Mark the expectation of rate cuts from central banks in the next year also the Chinese measures for economic support and forther buying from the Asian markets are some of the reasons that are keeping
The gold prices on a higher side okay all right uh thank you Manisha so that’s what’s happening in the commodity space it’s time to
