Crude Oil Near 7-Week Low; Disruptions From Israel-Hamas War Limited | CNBC TV18
let’s move on now uh and go across to Manisha she’s joining in with all the update from the commodity markets hi Manisha good morning crude continues to be in focus it does yes uh thank you for that sonel we’re trading at a seven week lose when it comes to the crude oil prices and it seems to be getting struck on the lower side of the range here if you look at this week itself we down by 6% on the crw prices uh higher for longer us interest rates and of course the limited crude oil disruptions from the Israel Hamas were the premium that was getting created in food prices seems to be going away right now also the global diesel demand is seeing a slum we’ve seen that in India the US also seems to be reporting it and the latest numbers from Europe also are slightly on the weaker side a couple of things that the street will watch out for one is the us non-farm payroll data that comes in today and the next OPEC meeting is now by the way on 1st of June but the street believes that OPEC will continue the voluntary 2.2 million barrels per day of a cut beyond the month of June as well so that is where the markets are seeing support strong but the metals is an area that you should keep an eye on because we’ve seen some profit taking come in for these one copper has come off its two-year highs there is profit taking in the month of May after 16% gains in the month of April and the price is are still 30% higher from its 20124 lows uh the US Factory activity also has slowed down in April and that seems to be weighing on to the markets as well so not just copper but steel is extending decline the global geopolitics and uneven China demand seems to be weighing on on these prices also in addition to that the China new home prices also fell in the month of March and in the month of April as well so it’s going to be a 16 months of constant decline that’s Weighing on metals also okay all right thank you so much Manisha for getting us up the speed with what’s happening in the commodity markets [Music]
Oil headed for its biggest weekly decline since February on signs of easing geopolitical risks in the Middle East and weakening across fuel markets.
Brent traded below $84 a barrel for a weekly loss of more than 6%, while West Texas Intermediate was near $79. Hamas is studying a proposal for a temporary cease-fire with Israel and plans to send a delegation to Egypt to continue negotiations. Meanwhile, data from the US this week showed another slide in implied gasoline demand ahead of the key summer driving season.
#crudeoil #crudeoilpries #brentcrudeoilprices #cnbctv18 #businessnews #businessnewstoday #businessnewsinenglish #sharemarkettoday
Read web story: https://www.cnbctv18.com/market/oil-set-for-biggest-weekly-drop-since-february-on-demand-concern-19406061.htm
🔴CNBC TV18 LIVE TV: https://youtube.com/live/P857H4ej-MQ
SUBSCRIBE to our Channel: https://bit.ly/3nvEcxf
———————————————————————————————————————
👑 Check Out Top CNBC TV18 Playlist Videos:
🔹CNBC TV18 Budget 2024: https://www.youtube.com/playlist?list=PLjq9mRS1PfGAh4mRbMxpMJTx7EXzii-Uf
🔹CNBC TV18 Digital Podcast: https://www.youtube.com/playlist?list=PLjq9mRS1PfGCUcGVQvYyDQ6VVHoo3ZDKJ
🔹Sounding Board: https://www.youtube.com/playlist?list=PLjq9mRS1PfGBbB2dV2tyHdzx_k9EqvVEm
🔹International Videos: https://www.youtube.com/playlist?list=PLjq9mRS1PfGDZ-Dkz-VpCDqqmWThJ3YJw
🔹CNBC TV18 Market Cafe: https://www.youtube.com/playlist?list=PLjq9mRS1PfGDANftdnJchuL-WPpSv5rmH
🔹CNBC TV18 Digital: https://www.youtube.com/playlist?list=PLjq9mRS1PfGDLhtM8FzErPcjmJRQ4I5cZ
🔹CNBC TV18 Weekend Special: https://www.youtube.com/playlist?list=PLjq9mRS1PfGBHEa5NnoKuUsX5GwxEGuri
🔹CNBC TV18 Next-Gen: https://www.youtube.com/playlist?list=PLjq9mRS1PfGA6roe9q3J9fq_gBIDjX2w7
🔹Overdrive Show: https://www.youtube.com/playlist?list=PLjq9mRS1PfGCnSVjfbWfNCJLrv-CqfGmH
🔹Young Turks: https://www.youtube.com/playlist?list=PLjq9mRS1PfGBZaN1e38X2ZmevnU1e1NJs
🔹Startup Streets: https://www.youtube.com/playlist?list=PLjq9mRS1PfGD3CzrtMr_VJRbIly6sfyFI
————————————————————————————
You can also connect with CNBC-TV18 News Online
Catch the latest news: https://bit.ly/2YbpXBM
Follow CNBC-TV18 round the clock: https://www.cnbctv18.com/live-tv/
Stay updated with all the market action in real time: https://www.cnbctv18.com/market-live/
You can also stay updated with all the latest news on-the-go with CNBC-TV18 Minis: https://www.cnbctv18.com/minis/
Like us on Facebook: https://www.facebook.com/cnbctv18india/
Follow us on Twitter: https://twitter.com/CNBCTV18News
Follow us on Instagram: https://www.instagram.com/cnbctv18india/
Catch us on: Linkedin: https://in.linkedin.com/company/cnbc-tv18
n18oc_business
About CNBC-TV18: India’s leading business news channel, CNBC-TV18 offers the most comprehensive coverage of businesses, the economy and the financial markets. Catch all your favourite shows, exclusive videos, big-ticket interviews and more here.