Crude oil prices started Thursday’s trade on a weak note by opening sharply lower with a gap - ICICI Direct
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Bullion Outlook
* Gold prices opened strongly higher on Thursday and corrected gradually during most of the session till a low of | 47073
* Prices remained steady after minutes from the Federal Reserve’s July meeting showed most officials agreed they could start reducing the pace of bond-buying this year due to progress on inflation and unemployment goals
* Overall, we expect gold prices to consolidate in the range of | 47000-47500 levels for the day
Energy Outlook
* Crude oil prices started Thursday’s trade on a weak note by opening sharply lower with a gap and fell further during the first half of the session till a low of | 4662. However, prices did not sustain at lower levels and recovered gradually in the remaining session till a high of | 4738
* Prices fell sharply in last few sessions after a surprise increase in US gasoline inventories signalled fuel demand is under threat with the delta variant proving a threat for the nation
* Therefore, we expect crude prices to remain weak towards | 4600 level for the day
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