By | October 21, 2016

Crude oil down as U.S. crude supplies dip

Crude oil futures closed lower in the domestic market on Thursday after data showed an unexpected weekly drop in U.S. crude supplies and optimism surrounding the Organization of the Petroleum Exporting countries’ plan to limit output lifted prices in New York to their highest level since mid-July of last year.

Many market watchers aren’t enthused by the deal, saying the group’s longstanding internal tensions will make it difficult for all members to be on board. Even if a deal is struck, it remains a question if the members would obey to the production quotas.

At the MCX, crude oil futures for October 2016 contract closed at Rs 3395 per barrel, down by 2.22 per cent, after opening at Rs 3463, against a previous close of Rs 3472. It touched the intra-day low of Rs 3385.

Silver down on weak global cues

Silver futures closed lower in the domestic market on Thursday as participants engaged in trimming their positions taking weak cues from global market. Marketmen attributed the fall in silver prices at futures trade to a weak trend in the precious metals overseas and profit-booking by participants at existing levels.

At the MCX, silver futures for December 2016 contract closed at Rs 41,990 per kg, down by 0.48 per cent, after opening at Rs 42,350, against a previous close of Rs 42,194. It touched the intra-day low of Rs 41,821.

Gold rises as dollar remains under pressure

Gold futures closed higher in the international market on Thursday as the U.S. dollar remained moderately challenged by the upcoming US presidential debate and after the missed U.S. housing sector data. The yellow metal extended its gains after the remarkable recovery of China’s economy, one of the top gold enthusiasts worldwide.

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