US sanctions on Iran have cut the OPEC member’s crude exports further in May, adding to supply curbs resulting from an OPEC-led pact. Meanwhile, the rising tension in the Middle East this week has raised concern about additional supply disruption. Crude oil prices rose 0.23 percent per barrel on 17th May, as speculators created fresh positions amid positive global cues. As per the expert’s opinion, raising of bets by participants kept crude prices higher at futures trade. In international markets too, oil prices gathered steam on the back of Saudi-led coalition’s retaliation for attacks on its oil infrastructures but uncertainty over the OPEC supply capped the gains.
This week commodity market Gold and Silver futures contracts closed with loses where as Crude Oil futures contract closed with losses as follows:
GOLD 10 g” (99.9 Pure)
- In the commodity market last week Gold June 2019 futures contract closed at ₹31,904 with an aggregate gain of ₹457 only.
- This week Gold April futures contract opens at ₹31,987 on Monday.
- Gold Highest gain ₹594 on Monday.
- Gold highest loss ₹283 on Thursday.
- Week last day i.e. Friday Gold closed at ₹31,791 with the aggregate loss of ₹113 only.
SILVER (1 KG)
- In the commodity market last week Silver July 2019 futures contract closed at ₹37,354 with an aggregate loss of ₹37 only.
- This week Silver July futures contract opens at ₹37,305 on Monday.
- Silver highest gain ₹296 on Monday.
- Silver highest loss ₹658 on Thursday.
- Week last day i.e. Friday Silver closed at ₹36,577 with the aggregate loss of ₹777 only.
CRUDE OIL (1 BBL)
- In the commodity market last week Crude oil May 2019 futures contract closed at ₹4,326 with an aggregate gain of ₹19 only.
- In current week Crude May futures contract opens at ₹4,326 on Monday.
- Crude Oil highest gain ₹54 on Thursday.
- Crude Oil highest loss ₹14 on Monday.
- Week last day i.e. Friday Crude Oil closed at ₹4,416 with the aggregate gain of ₹90 only.
