Crude prices were largely unchanged in early dealings on Wednesday, holding below their highest level since late 2014, as investors looked ahead to weekly data
Oil Prices Hold Below 3-Year Highs as Focus Shifts to U.S. Supply Data – Crude prices were largely unchanged in early dealings on Wednesday, holding below their highest level since late 2014, as investors looked ahead to weekly data from the U.S. on stockpiles of crude and refined products to gauge the strength of demand in the world’s largest energy consumer. Oil prices ended lower on Tuesday as the market weighed rising U.S. drilling activity against ongoing efforts by major producers to cut output to reduce a global glut. Analysts and traders have recently warned that U.S. shale oil producers could ramp up production in the coming weeks as they look to take advantage of higher prices, potentially derailing an OPEC-led effort to curb excess supply. Futures have added around 13% since early December, benefiting from production cut efforts led by the Organization of the Petroleum Exporting Countries and Russia. The producers agreed in December to extend current oil output cuts until the end of 2018.
Gold Prices Back Off 4-Month Highs as Dollar Rebounds – Gold prices edged lower in early dealings on Wednesday, backing off its strongest level in around four months as the U.S. dollar moved higher against a currency basket. A stronger U.S. dollar usually weighs on gold, as it dampens the metal’s appeal as an alternative asset and makes dollar-priced commodities more expensive for holders of other currencies. The greenback has been on the backfoot since last week on rising expectations that central banks in Japan and the euro zone could pare their monetary stimulus. Markets will remain focused on the chances of a government shutdown stateside this week in the scenario Congress fails to pass a spending bill by Friday.
Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.
CapitalStars Investment Adviser: SEBI Registration Number: INA000001647
Our Some Best Services Read it Here…