Crude prices gain slightly in Asia, U.S. rig count eyed - 19 May 2017
Gold gains in Asia on heightened risk sentiment.
Gold gained in Asia on Friday on heightened risk sentiment over political turmoil in Brazil and the U.S. and a potentially softer outlook for Fed rate hikes this year as the Trump administration faces headwinds on its economic stimulus plans. Demand fell for traditional safe-havens such as gold, U.S. treasuries, and the yen, as investors turned attention to better than expected U.S. economic data, despite continued political turmoil in Washington. Fed rate monitor tool 61% of traders expect the Federal Reserve to hike its benchmark rate in June, compared to nearly 80% of traders in the previous week.
Chinese copper scrap prices rose slightly on Index.
The Chinese copper scrap prices ended marginally higher on ScrapMonster Price Index as on WednesdayCopper Transformer scrap prices saw no variation in prices over the previous day. No price-change was witnessed in Cu Yokes. Also, Scrap Electric Motors and Sealed Units prices remained unchanged.
Crude prices gain slightly in Asia, U.S. rig count eyed.
Oil World Crude prices rose slightly in early Asia on Friday with weekly rig count figures expected to set the near-term tone ahead of next week's meeting of OPEC and allied producers on production cuts.Overnight, crude futures settled higher on Thursday, as investors remained optimistic that OPEC would reach an agreement to extend the current supply-cut deal beyond June at its meeting next week.Despite the high level of compliance from OPEC members with the deal to rein in supply, global production remains above the five-year average, as non-OPEC members, who are not part of the supply-cut agreement have ramped up production.OPEC and other producers are set to meet on May 25 to decide whether to extend the current supply-cut deal amid growing optimism for a prolonged period of cuts.Saudi Arabia and Russia agreed earlier this week that production cuts needed to be extended for a period of nine months until March 2018.The International Energy Agency (IEA) on Wednesday, however, warned that OPEC’s effort to rein in the glut in supply may fail even if the oil group agrees to extend its supply-cut agreement.
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