Wednesday, December 2

Commodity Broker

Commodity Broker, Oil

Oil prices recover ground after market turmoil fuels price plunge

By Administrator_India Capital Sands Oil prices found some respite on Wednesday as U.S. oil futures rose more than 20% and Brent prices steadied after a two-day price plunge, as markets struggle with a massive crude glut amid the coronavirus outbreak. After falling into negative territory for the first time in history amid record trading volumes, U.S. crude futures rose 20% as contracts for May delivery expired and the June contract became the front month. West Texas Intermediate was up $2.05, or 18%, at $13.62 a barrel by 0034 GMT. Brent crude, which settled down 24% in the previous session, was up 4 cents at $19.37 a barrel after rising more than $1 earlier. “Global markets are struggling mightily with a temporary but overwhelming demand drop due to the coronavirus pan...
Commodity Broker, Gold

Gold falls on firm dollar, U.S. economy re-open hopes

By Administrator_India Capital Sands Gold prices fell to a more than one-week low on Monday as the dollar firmed and as investors remained optimistic that the U.S. economy might reopen soon from lockdowns that were enforced to contain the novel coronavirus’ spread. * Spot gold fell 0.5% to $1,675.92 per ounce by 0038 GMT, having touched its lowest since April 9 earlier in the session. The metal slumped about 2% on Friday. * U.S. gold futures slipped 0.7% to $1,687.20. * The dollar strengthened 0.1% against key rivals, making gold costlier for investors holding other currencies. * Caution gripped Asian share markets on expectations of a busy week of corporate earnings reports and economic data will drive home the damage done by the global virus lockdown. * Governors in...
Commodity Broker, International

Record oil output cuts fail to make waves in coronavirus-hit market

By Administrator_India Capital Sands The minimal impact on oil prices from a global deal for record output cuts showed that oil producers have a mountain to climb if they are to restore market balance as the coronavirus shreds demand and sends stockpiles soaring, industry watchers said. After several days of discussions, oil producing and consuming countries aim to remove nearly 20 million barrels per day  or 20% of global supply from the market, Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman said on Monday. The oil market has barely shrugged, however: Brent crude gained 1.5% on Monday, while U.S. crude ended the day lower. The move underscores what both investors and producers already understand - that the monumental deal to cut supply in face of a 30% drop i...
Commodity Broker, International, Stock Broker

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Commodity Broker, International, Stock Broker

Oil firmer on OPEC+ deal, equities unable to shake pandemic fears

By Administrator_India Capital Sands Global shares fell on Monday as investors braced for more signs of economic damage from the coronavirus pandemic although a landmark deal by OPEC and its allies to slash output helped oil prices climbed in volatile trade. The Nikkei fell 1.4% while MSCI's broadest index of Asia-Pacific shares outside Japan slipped slightly, with South Korean shares falling 0.9%. U.S. S&P 500 mini futures dropped 1.54%, erasing a brief gain to a one-month high made right after the start of trading. Financial markets in Australia and Hong Kong were closed while in mainland China, the CSI300 index lost 0.6% in early trade. U.S. West Texas Intermediate crude futures were up 7.3% at $24.43 per barrel in highly volatile trade, having fall...
Commodity Broker, International, Political News, Stock Broker

Fed, BoE push deeper into uncharted territory in face of coronavirus slump

By Administrator_India Capital Sands The U.S. Federal Reserve and the Bank of England ramped up their emergency responses to the world’s escalating coronavirus recession on Thursday as they pushed deeper into territory once considered fraught with risk for central bankers. The Fed, in its boldest move to date to soften the historic shutdown of much of the U.S. economy, pledged $2.3 trillion to help local governments on the front lines of the health crisis and to prop up small and mid-sized businesses. In London, the BoE said it would allow Britain’s government to run up an unlimited overdraft as the state promises to pay wages to millions of people laid off during shutdown, cut taxes for businesses and expand its welfare system. With central banks around the world trying to...
Commodity Broker, International, Political News, Stock Broker

Trump thanks India for decision on anti-malaria drug

By Administrator_India Capital Sands President Donald Trump on Wednesday thanked India for its decision to increase exports of the anti-malaria drug hydroxychloroquine, an unproven treatment that Trump has promoted in the fight against the novel coronavirus. India said on Tuesday it will allow some exports of hydroxychloroquine after Trump urged New Delhi to release supplies of the drug seen as a possible treatment for COVID-19. “Extraordinary times require even closer cooperation between friends. Thank you India and the Indian people for the decision on HCQ. Will not be forgotten! Thank you Prime Minister @NarendraModi for your strong leadership in helping not just India, but humanity, in this fight!” Trump wrote on Twitter.
Commodity Broker, International, Stock Broker

India asks TikTok, Facebook to remove users spreading coronavirus misinformation

By Administrator_India Capital Sands India has told Facebook and Chinese video app TikTok to remove users found to be spreading misinformation about the coronavirus following concern about videos intended to mislead Muslims, according to a government source. The move follows a report by Delhi-based digital analytics firm Voyager Infosec which identified a pattern of targeted disinformation in many social media videos that appeared to be aimed at Muslims, with some using religious beliefs to justifying defiance of health advisories over the virus. In one video reviewed by Reuters on Tuesday, a TikTok user says he is not scared of the coronavirus because, as a Muslim, he is a follower of the Prophet Mohammed and fears only Allah. In another, a young man throws away a face mas...
Commodity Broker, International, Stock Broker

OPEC+ likely to agree to cut production if U.S. joins effort

By Administrator_India Capital Sands Major oil producers including Saudi Arabia and Russia are likely to agree to cut production at a Thursday meeting but only if the United States joins the effort, aimed at coping with the disastrous effect of the coronavirus on fuel demand, three OPEC+ sources told. Worldwide oil demand has dropped by roughly 30%, or about 30 million barrels a day, at the same time that Saudi Arabia and Russia have been flooding markets with extra supply. Last week, in response to a weeks-long market rout, the Organization of the Petroleum Exporting Countries and its allies including Russia, a group known as OPEC+, started talking about cutting production, but want other non-OPEC nations to participate, particularly the United States. Two OPEC sources sai...
Commodity Broker, International, Stock Broker

Oil drops over $1 on oversupply after OPEC+ delays meeting

By Administrator_India Capital Sands  Oil prices slipped more than $1 a barrel on Monday, after the world’s top producers delayed a meeting to discuss output cuts that could partly alleviate oversupply in global markets as the coronavirus pandemic pummels demand. Brent crude slipped close to $30 a barrel in early trade and was at $32.82 by 0203 GMT, down $1.29, or 3.8%. West Texas Intermediat crude fell $1.66, or 5.9%, to $26.68 a barrel, after earlier touching a low of $25.28. Late last week, prices surged, with U.S. and Brent contracts posting their largest ever weekly percentage gains due to hopes that OPEC and its allies would strike a deal to cut crude supply worldwide by at least 10 million barrels per day. Prices on both sides of the Atlantic marked their worst ...