Crude Oil Prices Slip 3% Overnight Amid Surge In US Inventory & Crude Stocks | CNBC TV18
okay all right with that we’ll move on and talk about all the update from the commodi space Manisha Gupta is joining us now hi Manisha good morning morning and thank you for that personel I’ll start with the crude oil prices where we have seen prices decline 3% overnight and we are down by 8% on month right now so we’re trading very close to the two-month lows and this is on the back of increase in US inventories increase in US production in sense of food and also the easing geopolitical tensions and we have seen the crude oil prises come off quite sharply from a high of almost 92 in the month of April to around $83 a barrel for the Bren prices right now profit taking is also what we’ve seen happen in case of gold prices but it seems to be looking at some support at $2,300 ounce overnight after the US fed announcement we did see prices go to go down to 2280 as well but we’ve seen a smart rebound of almost $30 from that those kind of levels the US inflation has moderated but remains elevated is the statement coming in from P the markets also have seen the world gold count data which suggest that even with the c uh even with the gold prices at around alltime highs the global gold demand actually Rose by 3% of the previous quarter so there is a resilient demand that we’ve seen in Gold even at these higher prices okay all right so that’s what’s happening in the commodity Market especially that sh fall that we’re seeing in crude prices thank you so much Manisha for joining us as always and [Music]
Oil was little changed after plunging on a big jump in US crude inventories that added to concerns about weakening demand.
Brent for July traded below $84 a barrel after slumping to the lowest since mid-March in the prior session, while West Texas Intermediate was near $79. US crude stockpiles jumped 7.3 million barrels last week, the most since early February, according to data released by the Energy Information Administration.
#crudeoil #crudeoilprices #brentcrudeoilprices #cnbctv18 #businessnews #businessnewstoday #businessnewsinenglish #sharemarkettoday
Read web story: https://www.cnbctv18.com/market/oil-stays-weak-as-us-stockpile-surge-highlights-demand-concerns-19405357.htm
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