Since the crude oil bust began in late 2014, prices have rocketed through three major price rallies. Each rally was fueled by widespread hope and expectations – often stoked by announcements from Organization of the Petroleum Exporting Countries and other producers – that a market "rebalancing" was imminent due to shale output declines, surging demand, or OPEC intervention. But prices crashed anew after data emerged showing no decline in the glut.
The latest rally began last September amid discussions between some OPEC and non-OPEC producers to cut production. The rally gathered steam in December after 22 producers pledged to reduce their combined output by 1.8 million barrels per day from October levels. U.S. West Texas Intermediate soared to $57 per barrel from $45 average in September.Yet despite heady expectations, slowly emerging oil market data once again dashed hopes that producer pledges would cause the towering oil glut to recede as soon as hoped. While Vienna Group producers report high compliance with production pledges, data on stocks, imports, and tanker shipments indicate the glut has not meaningfully diminished.
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Gold prices soared by Rs325 to regain the Rs30,000-mark and trade at over 4-month high of Rs30,175 per 10 grams at Delhi bullion market on Saturday... read more ...
its three-week gains at the bullion market, on reduced offtake due to holiday-truncated week despite firm global trend.Marketmen said easing demand... read more ...
Oil prices slid nearly 1 percent as worries about rising U.S. supplies outweighed OPEC pledges to boost compliance with output curbs.
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The Energy Information Administration (EIA) reported that natural gas in underground storage fell by 89 billion cubic feet ((bcf)) in the week endi... read more ...
Silver Price Equal Off with Notable Support
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BENGALURU, FEB 27:
Gold prices held firm on Monday near 3-1/2 month highs hit in the previous session, with investor...
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