Weekly

Weekly Commodity Outlook:-


HIGHLIGHTS:

Crude oil futures extended their gains for second straight session on Friday amid concerns about disruptions to the global flow of oil following the recent attacks on two oil tankers in the Gulf of Oman. However, prices came off higher levels as the session progressed with traders reacting to the latest reports from the International Energy Agency (IEA) and the Organization of the Petroleum Exporting Countries (OPEC) on energy demand outlook. The IEA has cut its outlook for oil demand growth in 2019, saying economic sentiment is weakening and the consequences for oil demand are becoming apparent. The IEA revised down its 2019 demand growth estimate by 100,000 barrels to 1.2 million barrels per day (bpd), but said it would climb to 1.4 million bpd for 2020. Benchmark crude oil futures for July gained 23 cents or 0.4 percent to settle at $52.51 a barrel on the New York Mercantile Exchange. August Brent rose 70 cents or 1.1 percent to settle at $62.01 a barrel on London's Intercontinental Exchange.

Tags: Technical


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