Crude oil prices started Wednesday’s trade on a weak note opening slightly lower - ICICI Direct
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Bullion Outlook
* Gold prices opened flat on Wednesday and rose strongly during the first half of the session till a high of | 48358. However, prices did not sustain at higher levels and fell sharply in the remaining session till a low of | 47766
* Prices remained subdued in the last few sessions as investors awaited signals from US jobs data on the labour market recovery that could influence the Federal Reserve’s tapering plans
* Therefore, we expect gold prices to trade within the range of | 47800-48300 levels in the short-term
Energy Outlook
* Crude oil prices started Wednesday’s trade on a weak note opening slightly lower and fell sharply further during most of the session till a low of | 5044
* Prices fell sharply in the last few sessions as the spread of Covid-19’s delta variant in the US and China threatened to disrupt the recovery in global crude consumption
* Hence, we expect crude prices to remain weak towards | 5000 level in the short-term
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