MTECHTIPS:-Crude Oil to trade sideways


MTECHTIPS:-Crude Oil to trade sideways

MTECHTIPS-Oil prices rose more than 1 percent on Wednesday as strong global refining margins and the reopening of U.S. Gulf Coast refineries provided a more bullish outlook after sharp drops due to Hurricane Harvey.But traders remained wary of Hurricane Irma, ranked as one of the five most powerful Atlantic hurricanes in the last 80 years, which was passing over the northernmost Virgin Islands on Wednesday afternoon and headed toward Florida at the weekend, raising concerns that it could knock out a major demand center and cause more fuel shortages. We expect crude oil prices to trade sideways ahead of EIA weekly storage data

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MTECHTIPS:-Crude Oil to trade sideways


MTECHTIPS:-Crude Oil to trade sideways

MTECHTIPS-Oil prices rose more than 1 percent on Wednesday as strong global refining margins and the reopening of U.S. Gulf Coast refineries provided a more bullish outlook after sharp drops due to Hurricane Harvey.But traders remained wary of Hurricane Irma, ranked as one of the five most powerful Atlantic hurricanes in the last 80 years, which was passing over the northernmost Virgin Islands on Wednesday afternoon and headed toward Florida at the weekend, raising concerns that it could knock out a major demand center and cause more fuel shortages. We expect crude oil prices to trade sideways ahead of EIA weekly storage data

MTECHTIPS-Apply For 2 Days Free Trails Equity & Commodity Tips

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MTECHTIPS:-Gold edges slightly lower in Asia as apparent U.S. debt deal eyed


MTECHTIPS:-Gold edges slightly lower in Asia as apparent U.S. debt deal eyed

MTECHTIPS-Gold prices fell slightly in Asia on Thursday with an apparent deal to raise the U.S. debt ceiling until Dec. 15 in focus, though investors noted that President Trump’s willingness to work with Democrats on the extension has riled hard-line Republican leaders. Gold futures for December delivery on the Comex division of the New York Mercantile Exchange edged down 0.01% to $1,338.80 a troy ounce. Overnight, gold prices fell on Wednesday, as U.S. political uncertainty eased after President Donald Trump agreed to raise the debt ceiling and extend government funding through Dec. 15. Gold prices retreated from a one-year high pressured by a rebound in the dollar on news that President Donald Trump agreed on Wednesday that Congress should pass an extension of the U.S. debt limit and raise the debt ceiling, which caps how much money the U.S. government can borrow. The deal included working with the Democratic leadership as part of an effort to ensure funds are available to help rebuild after Hurricane Harvey. Losses in gold, however, remained limited as expectations on additional U.S. rate increases faded, following comments from Federal Reserve officials urging the U.S. central bank to consider shelving its plan to hike rates later this year amid a slowdown in inflation. Minneapolis Federal Reserve Bank President  said the Federal Reserve’s recent interest rate hikes may be slowing inflation and inflicting “real harm” on U.S. economic growth

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MTECHTIPS:-Gold edges slightly lower in Asia as apparent U.S. debt deal eyed


MTECHTIPS:-Gold edges slightly lower in Asia as apparent U.S. debt deal eyed

MTECHTIPS-Gold prices fell slightly in Asia on Thursday with an apparent deal to raise the U.S. debt ceiling until Dec. 15 in focus, though investors noted that President Trump’s willingness to work with Democrats on the extension has riled hard-line Republican leaders. Gold futures for December delivery on the Comex division of the New York Mercantile Exchange edged down 0.01% to $1,338.80 a troy ounce. Overnight, gold prices fell on Wednesday, as U.S. political uncertainty eased after President Donald Trump agreed to raise the debt ceiling and extend government funding through Dec. 15. Gold prices retreated from a one-year high pressured by a rebound in the dollar on news that President Donald Trump agreed on Wednesday that Congress should pass an extension of the U.S. debt limit and raise the debt ceiling, which caps how much money the U.S. government can borrow. The deal included working with the Democratic leadership as part of an effort to ensure funds are available to help rebuild after Hurricane Harvey. Losses in gold, however, remained limited as expectations on additional U.S. rate increases faded, following comments from Federal Reserve officials urging the U.S. central bank to consider shelving its plan to hike rates later this year amid a slowdown in inflation. Minneapolis Federal Reserve Bank President  said the Federal Reserve’s recent interest rate hikes may be slowing inflation and inflicting “real harm” on U.S. economic growth

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MTECHTIPS:-Crude oil settles at 4-week high ahead of inventories


MTECHTIPS:-Crude oil settles at 4-week high ahead of inventories

MTECHTIPS-Oil prices settled higher for a third day in a row on Wednesday, as demand for crude returned from restarted Gulf Coasts refineries following disruptions to U.S. refining capacity due to Storm Harvey. On the New York Mercantile Exchange crude futures for October delivery rose 1% to settle at $49.16 a barrel, while on London’s Intercontinental Exchange, Brent added 1.54% to trade at $54.20 a barrel. Crude oil settled at a four-week peak as concerns over a big drop in crude demand subsided following an uptick in the number of U.S. refineries restarting operations after Harvey knocked out more than quarter of refining capacity last week. Meanwhile the development of Storm Irma, which made landfall in the Caribbean earlier on Wednesday, continued to garner investor attention, as the Category 5 storm could knock out other refineries and add to concerns over fuel shortages. Also supporting the rise in oil prices were suggestions that Russia and Saudi Arabia would be open to extending their output cut agreement. Russian energy minister, Alexander Novak said Tuesday that that representatives from both Saudi Arabia and Russia had talked about an extension but that no specific decisions had yet been reached

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