Crude oil prices gained and are trading at a one-month high after China cut reserve requirements for local banks. Manish Gupta with all the details.
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On CNBC TV 18 there’s a lot happening in the commodity space as well Manisha Gupta is joining us with all the update hey Manisha good morning a long weekend for the commodity markets as well oh well yes absolutely but we are looking at Major moves coming in here sonel if
You look at the crude oil prices overnight was a 1% gains with this now we’re trading at a one month highs China cutting reserve requirement for local banks clearly seem to have done the trick also the US and UK PMI numbers have shown good improvement over the
Last month the US crude inventories also have Sona declined and then there’s a coalition of 24 Nations led by us and UK which have conducted new strikes against howy fighters in Yemen so the geopolitical premium also continues to be in the prices having said that not
Too many banks and Brokers feel that you will be looking at very high CR oil prices because uh the demand is still catching up so JP Morgan has cut its and revised its Brent outlook for this year at $83 a barrel but when you look at the
Other metals as well we’re looking at some steady moves coming in here that is because the US dollar Index has slipped to a one we low after hitting a six-month highs so that has been supportive so gold seems to have steadied but most important would be the
Fourth quarter US GDP numbers that come in today the street will take further reaction from that and the expectations that you going be looking at further stimus coming in from China is another reason that you have seen support com in for many of these metal prices today
Okay all right thank you so much Manisha for joining us so that’s what’s happening in the commodity space with that we’ll wrap on this edition of power breakfast and as be