Commodity Capsule: Brent crude oil set for 2% weekly gain; Gold slips; copper recovers | Watch video
Commodity Capsule: Strong holiday demand from China and persistently tight US fundamentals outweighed expectations of possible supply increases from Saudi Arabia.
Commodity Capsule: Oil prices were set for a weekly gain of around 2%, and fourth straight monthly gain.
Strong holiday demand from China and persistently tight US fundamentals outweighed expectations of possible supply increases from Saudi Arabia.
Storage at Cushing, the delivery point for U.S. crude futures, is already at its lowest since July 2022.
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The market eased about 1 per cent in the previous session, as traders took profits after prices soared to 10-month highs, and some worried that high interest rates may weigh on oil demand.
Improving macroeconomic data from China coupled with anticipation of strong fuel demand during its week-long Golden Week holiday on Friday, supported prices.
The OPEC+ ministerial panel meeting is scheduled for Oct. 4.
Traders await next week's meeting of the OPEC+ for indications on whether Saudi Arabia might want to step up supply.
Gold set for worst month in seven as traders bet on higher US rates
Gold prices on Friday braced for their biggest monthly fall since February, hovering around levels near 7-month lows on prospects of higher-for-longer US interest rates.
Markets eye U.S. inflation print due later in the day.
Comex gold is set for a nearly 4 per cent decline this month and its second consecutive quarterly drop.
Gold found some support as the dollar retreated from a 10-month high, while Treasury yields were off a 16-year peak.
Metals make a sharp comeback
LME copper recovers from 4-month lows to near $8300 a tonne level.
Most metals marked a sharp recovery on the back of the weak dollar index and a fall in LME, Shanghai inventories.
However, the red metal is set for a second consecutive monthly drop
LME Lead is set for its first monthly drop since May 2023.
On the other hand, LME zinc and aluminum are set to end the month in green.
Zinc is set for the strongest monthly performance in eight months.