Oil prices rise on potential OPEC+ supply cuts; BP shuts U.S. refinery units
संभावित ओपेक+ आपूर्ति कटौती पर तेल की कीमतों में वृद्धि; बीपी ने अमेरिकी रिफाइनरी इकाइयों को बंद किया
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The Commodity Futures Trading Commission’s (CFTC) weekly Commitments of Traders (COT) report provides a breakdown of the net positions for “”non-commercial”” (speculative) traders in U.S. futures markets.
All data corresponds to positions held by participants primarily based in Chicago and New York futures markets.
The Commitments of Traders report is considered an indicator for analyzing market sentiment and many speculative traders use the data to help them decide whether or not to take a long or short position.
Commitments of Traders (COT) data is released each Friday at 3:30pm Eastern Time, pending a holiday in the U.S., to reflect the commitments of traders on the prior Tuesday.
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| Resistance | Support | Signal | |||
| R1 | 51,142.0 | S1 | 50,776.0 | 5 Min | Strong Sell |
| R2 | 51,273.0 | S2 | 50,541.0 | 1 Hour | Strong Sell |
| R3 | 51,508.0 | S3 | 50,410.0 | 1 Day | Buy |
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Brent crude futures for July slid 61 cents, or 0.5%, to $112.81 a barrel by 0402 GMT. U.S. West Texas Intermediate (WTI) crude futures for July delivery dropped 55 cents, or 0.5%, to $109.74 a barrel. Both benchmarks fell by more than $1 earlier in the session.
Brent gained 0.7% on Monday while WTI settled nearly flat.
Multiple threats to the global economy topped the worries ofthe world’s well-heeled at the annual Davos economic summit,with some flagging the risk of a worldwide recession.
International Monetary Fund Managing Director KristalinaGeorgieva said she did not expect a recession for majoreconomies but could not rule one out.
“Investors were selling off as they expected higher oil prices to dent consumption for fuels worldwide,” said Toshitaka Tazawa, an analyst at Fujitomi Securities Co Ltd.
While Shanghai, China’s commercial hub, aims to normalise life from June 1 as its coronavirus caseloads decline, an increase in new COVID-19 cases in Beijing have raised concerns for further curbs.
The Chinese capital detected 99 new cases on Sunday, up from 61 the previous day – the largest daily tally so far during a month-old outbreak that has consistently seen dozens of new infections every day.
“China’s COVID lockdowns are certainly playing a substantial role that weighs on fuel and energy demand outlook, with Beijing reporting rising positive cases, making investors concerned about expanding lockdowns into another business hub apart from Shanghai,” said Tina Teng, an analyst at CMC Markets.
Losses were limited by expectations that gasoline demand would remain high amid.
An embargo on Russian oil imports will likely be agreed on by the European Union “within days,” according to its biggest member Germany, as Moscow said it saw its economic ties growing with China after being isolated by the West over its invasion of Ukraine.
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FUNDAMENTALS
* Spot gold held its ground at $1,852.84 per ounce, as of 0048 GMT, after scaling to its highest since May 9 at $1,865.29 on Monday. U.S. gold futures gained 0.3% to $1,852.40.
* The dollar steadied after dropping to a one-month low in the previous session. A weaker dollar makes bullion more attractive for overseas buyers.
* Bullion, seen as a safe store of value during times of economic crises, tends to become less attractive to investors when U.S. interest rates are raised because it yields nothing.
* Asian shares got off to a sluggish start on Tuesday after a rally on Wall Street was soured by an early slide in U.S. stock futures, while the euro was near one-month highs as odds narrowed on a July rate rise by the ECB.[MKTS/GLOB]
* SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings rose 0.44% to 1,068.07 tonnes on Monday from 1,063.43 tonnes on Friday. [GOL/ETF]
* Spot silver dipped 0.2% at $21.72 per ounce, and platinum eased 0.3% to $956.10, while palladium edged up 0.2% to $1,996.20.
* Russia’s Nornickel on Monday cut its estimate for the global palladium market deficit in 2022 to 100,000 troy ounces due to lower demand from the car industry amid the Ukraine ..
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