Crude Oil Drops as US Drillers Add Rigs
Crude oil was attempting
to rise, extending yesterday’s gains, but it currently dropped,
demonstrating significant losses. Baker Hughes reported that US
drillers added 21 rigs last week even if face of collapsing oil prices.
The news followed the report on Wednesday that showed
an unexpected increase of US oil reserves and pushed prices
for WTI crude below the $50 level.
Of course, signs
of economic slowdown around the world were also affecting crude
negatively. Fuel and energy consumption is tied to economic growth,
and worsening economic conditions mean smaller demand
for the commodity, and this in turn leads to lower
prices.
Futures for WTI crude oil
dropped 0.85 percent to $48.04 per barrel as of GMT on NYMEX.
Contract for Brent crude declined 1.16 percent to $54.63 per barrel
on ICE.
GOLD
Gold Spread movement,The
calendar spread of Comex gold continued to slide and now standing at 0.3
levels. Indian MCX Spread for Aug-Oct stands at 217 levels.
SILVER
SILVER
Silver futures are
expected to trade on a negative noted during the day moving in line with gold
market. Weakness in base metals segment is also likely to weigh on the market.
The gold silver ratio is moving in a band of 73.50 to 74.50 levels.As on Friday
morning, Comex silver futures made an intraday low of $14.43 per ounce.
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