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OPEC

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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Hedge Funds gain on oil as OPEC meet looms large

After two months of cutting bets on rising prices, hedge funds are feeling optimistic again as OPEC prepares to meet. Whether that optimism is warranted remains an open question. Falling output from Iran and Venezuela briefly had analysts touting the possibility of $100-a-barrel oil ahead, and hedge funds boosted wagers on a price rebound in the week ending on Tuesday. Since then though, a push by Saudi Arabia and Russia for production increases ahead of next Friday’s OPEC meeting has…

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Crude oil futures end lower on Friday

Crude oil futures pulled back from three and a half year highs and ended lower on Friday amid signs that U.S. production will remain robust. Baker Hughes reported that the number of active U.S. rigs drilling for oil rose by 10 to 844 this week, the sixth consecutive weekly increase. However, the prices marked a second weekly climb in a row, driven by uncertainty over how much oil the global market will lose following the U.S. decision to re-impose sanctions…

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