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mcx crude oil tips

Where are crude oil and gold headed from here?

Two of the most important commodities from the Indian market perspective are oil and gold. The reasons are not far to seek. Crude oil has always had a negative correlation with India’s trade deficit, and hence, had a strong bearing on the rupee value. Secondly, gold was the best reverse proxy for the US dollar and gave a more practical approach to dollar value. Indian markets have traditionally preferred stable median oil prices and stable gold prices. Too low or…

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Oil marketing companies slump on higher global crude oil rates

Shares of oil marketing companies are trading in the red on Wednesday as crude oil prices in the global market breaches key levels of $79 per barrel. At 10:15AM price of Brent crude futures was trading 0.3% up, at $79.35 per barrel, while that of the US West Texas Intermediate (WTI) was trading 0.8% up, at $69.85. This is probably due to looming Iran sanctions and an unexpected drop in US oil inventories. On Tuesday, data released by American Petroleum…

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Oil slips after U.S. rig count rises; Iran concerns cap downside

oil prices edged lower on Monday as a rising rig count in the United States pointed to higher production, but prices held near more than three-year highs and were on track to rise for a second consecutive month. The oil complex has been driven by supply concerns amid prospects of the United States reimposing sanctions on Iran, while OPEC-led producers continue to withhold supplies. Brent crude futures, the international benchmark, dipped 39 cents, or 0.5 percent, to $74.25 a barrel…

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Oil prices dip on profit taking after last week`s rally

Crude oil futures slipped on Monday as investors cashed in some profits from last week’s rally but concerns about Saudi-Iran tensions kept losses in check. Brent crude futures  slipped 33 cents, or 0.5 percent, to settle at $70.12 a barrel. U.S. West Texas Intermediate (WTI) crude futures also lost half a percent, or 33 cents, to end at $65.55. Last week, Brent gained 6.4 percent and WTI rose 5.7 percent, the strongest weekly gains since July. “I don’t see anything…

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