Published on 24/09/2020 11:12:58 AM | Source: ICICI Direct

Crude oil prices opened slightly lower on Wednesday - ICICI Direct

Posted in Commodities Reports| #Commodity Tips #ICICI Direct

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Bullion Outlook

* Gold prices started yesterday’s trade on a weak note opening lower. Prices fell further for most of the session till a low of | 49444

* Prices have been falling sharply in the last few sessions as the dollar held on to its recent rally while a lack of additional stimulus to aid the recovery of the Coronavirus-battered global economy further weighed on sentiments

* Hence, we believe gold prices will remain under pressure for the short-term and fall towards an immediate support of | 49000


Energy Outlook

* Crude oil prices opened slightly lower on Wednesday. However, prices did not sustain at lower levels and rose gradually for most of the session till a high of | 3004

* Prices have taken strong support in the last session on a drop in US crude inventories along with distillate and gasoline stocks that declined more than expectations. This overshadowed the global fuel demand concerns

* Therefore, we expect crude prices to remain supported near | 2900 for the short-term


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