Commodity Capsule: Brent crude oil subdued; gold at three-month peak | Watch video
Commodity Capsule: Brent oil futures May steady under $83 a barrel, while West Texas Intermediate crude futures are off a recent four-month high to $78 a barrel.
Commodity Capsule: Oil prices moved little on Tuesday, nursing some losses from the prior session and seeing little support as China presented a middling economic growth forecast for 2024. Speculation over the Israel-Hamas ceasefire and fears of worsening demand remained in play, largely offsetting a tighter outlook for supply.
Prices took some support from OPEC+ extending its current run of production cuts, this trend now appeared to have run out of steam.
Brent oil futures May steady under $83 a barrel, while West Texas Intermediate crude futures are off a recent four-month high to $78 a barrel.
China set a GDP target of 5 per cent for 2024, the same as the prior year. This, along with other economic proposals, was unveiled in an official report released during the 2024 National People’s Congress.
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