Oil prices steady as China demand fears offset tighter supply forecasts -Swastika Investmart
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COMMODITY OUTLOOK
DAILY COMMODITY MARKET UPDATES
NEWS IN HEADLINE
* Oil prices steady as China demand fears offset tighter supply forecasts
* Oil edges higher as shrinking U.S. stockpiles offset rate hike jitters
* Gold reverses recent gains as Fed minutes posit more rate hikes
CHART OF THE DAY
CRUDEOIL: CRUDEOIL is continuing its bullish momentum, and there are no signals of weakness after the announcement of production cuts by OPEC countries. It has an immediate target level of 6000–6050. On the downside, 5800 intraday and immediate support levels While below 5800 leads to further weakness towards 5750–5700.
OUTLOOK:
* Bullion: Day trend is indicating sideways to upside in Gold &Silver.
* Energy: Day trend is indicating sideways to upside in Crude oil & Natural gas
* Base metals: Day trend is indicating sideways to downside in all base metals.
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