Crude Oil Prices Fall Ahead Of China PMI Data Due This Week; Strong US Dollar Weighs | CNBC TV18
with that let’s move on and talk about
all the update that’s coming in from the
commodity space Manisha Gupta is joining
us as always hi Manisha good morning
morning and thank you for that well I’ll
start with the precious metal prices
where we have snap five weeks of gains
because of dollar strength and this week
as well started slightly on a weaker
note well the markets are reacting to
the US inflation data at 2.7% versus the
expectation of 2.6 and much higher than
the 2% which is the target for the US as
a Bankers but uh the markets also will
watch out for the US monetary policy
decision that comes in this week and the
China PMI number is something that the
street will also react to it’s not just
gold but silver also has seen a 7% of
decline in the previous week the crude
oil prices after declining in the
previous week have started this week as
well on slightly negative point the only
thing that continues to do well even now
is the metal as a sector we’re looking
at zinc holding around its onee
high trading very close to ,000 a ton
prices are at a two-year highs up 13% in
April markets are looking at very strong
hedge fund positioning continuing in
case of metal prices right now so even
if it’s ionol which continues positive
steel prices are trading in positive in
the Asian markets as well so metal as a
sector continues to do very well okay
Metals continue to do very well thank
you so much Manisha for joining usay
[Music]
Crude oil prices fell today as US inflation data dimmed the prospects of interest rate cuts anytime soon boosting the dollar.
Brent crude futures fell 0.84% to $88.75 a barrel, while West Texas Intermediate (WTI) futures declined 0.78% to $83.20 a barrel.
#crudeoil #crudeoilprices #brentcrudeoilprices #cnbctv18 #businessnews #businessnewstoday #businessnewsinenglish #sharemarkettoday
Read web story: https://www.cnbctv18.com/market/commodities/oil-declines-as-us-steps-up-efforts-to-secure-a-truce-in-gaza-19403666.htm
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