Crude oil prices are expected to trade with positive bias amid tighter supplies due to fast recovery - ICICI Direct
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Bullion Outlook
• MCX Gold prices increased by 0.17% taking cues from international gold prices. In the early trading session prices fell till low of ₹ 45990. However, prices did not sustain at lower levels and recovered for the remaining session till high of ₹ 46297
• Gold prices are expected to trade with negative bias amid stronger dollar and surge in US treasury yields. Further, investors will remain vigilant ahead of speeches from Federal reserve policymakers for clues on tapering strategy
• Hence, we expect Gold prices to trade in the range of ₹ 45950-46300 levels for the day.
Energy Outlook
• MCX Crude oil prices rose by 2.05% taking cues from International prices. Prices opened higher with a gap and rose gradually for most of the session till high of ₹ 5600.
• Crude oil prices are expected to trade with positive bias amid tighter supplies due to fast recovery of fuel demand and impact of Hurricane to US production.
• Therefore, we expect Crude prices to remain positive towards ₹ 5650 level for the day.
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