Crude Oil Prices rise, Gold Prices dim On US-Mexico Deal

Crude Oil prices in the international market reached higher while gold prices went down from its 14-month high, after the US&Mexico made a pact that reduced risks of a trade tariff war.

Brent crude futures were up by 0.7% to USD63.71/pbl against Friday’s close, when the commodity rallied near 3% recovering from a 5-month low.

On MCX, crude oil for delivery in June contracts was trading up by Rs57, or 1.53pc to Rs3779/bl in a business turnover of 18,941 lots.

According to the brokerage, intraday upside will be seen in MCX Crude oil considering that that Rs3720 – 3,680 is held as support. Resistance is at Rs3830 – 3860. The brokerage recommends buying around Rs3740 – 3720. 

Spot Gold slipped by 0.7% @1,330.46dollar per ounce on Monday, as against its previous day’s 14-month high that was @1,348.08 dollar per ounce.

Meanwhile, Gold on Multi Commodity Exchange (MCX) rallied by near 4% to Rs32,936 per ten gm, in the past eight days through June-7, 

Meantime, in domestic stock markets, shares of Oil marketing companies were trading lower with BPCL down by 3.35%, IOC down by 2.11% and HPCL down by 2.38% on the NSE, at 2.45pm, in comparison benchmark Nifty stood at 11904.45 up by 33-points.

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