Tuesday, 23 August 2016

Live Commodities Buzz: Indian Crude Oil Basket Above $48 Levels

The prices of Crude Oil finally hit road blocks as traders started booking profits after six consecutive days of gains. Crude Oil declined 2.3% to Rs 3216 per barrel. The resistance zone for Crude Oil is strong with Crude Oil at Rs 3300 per barrel. The prices of Crude Oil are supported at Rs 3150 per barrel. For more Latest Live Indian Commodity Market News and free bullion trading tips just click here www.marketmagnify.com/freetrial.php or give a One Missed Call @7879881122.

The international crude oil price of Indian Basket as computed today by Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas was US$ 48.02 per barrel (bbl) on 19.08.2016. This was higher than the price of US$ 47.75 per bbl on previous publishing day of 18.08.2016. 

In rupee terms, the price of Indian Basket increased to Rs. 3213.73 per bbl on 19.08.2016 as compared to Rs. 3189.36 per bbl on 18.08.2016. Rupee closed weaker at Rs. 66.93 per US$ on 19.08.2016 as against Rs. 66.79 per US$ on 18.08.2016.

COMEX Gold dropped further yesterday, extending its recent spree of losses on Fed rate hike worries. The metal tested its three week low. A quick surge in US dollar and concomitant drop in commodities also weighed on the yellow metal.

Mild buying has emerged in Asia though and the commodity currently trades at $1342 per ounce, almost unchanged on the day. MCX Gold futures ended around Rs 31380 per 10 grams yesterday and are likely to see a muted session today. Lows around Rs 31200 can trigger some buying.

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