Commodities Market Today | Oil Rises on OPEC Demand Growth Forecast

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Synopsis:

The commodities market today is driven by OPEC’s forecast on demand growth. The 10-year yield fell to 4.28%, and the dollar index slightly dropped to 104.92. WTI crude oil rose 1.2% to $82.42/barrel, while gold rose 0.4% to $2,377.90/ounce.

Top News and Events

  • Slight Dip in US Bond Yields: The US 10-year yield fell 1.7 basis points to 4.28%, and the two-year rate dropped one basis point to 4.62%.

  • Minor Decline in Dollar Index Amidst Stable Markets: The dollar index decreased slightly by 0.05% to 104.92, indicating minor fluctuations in the stable market.

  • Crude Oil Prices Increase on Supply Expectations: West Texas Intermediate crude oil rose by 1.2% to $82.42 per barrel, and Brent futures were up 0.4% to $85.43. This rise is due to expectations of tighter supply.

  • Steady Oil Demand Growth Forecast by OPEC: OPEC maintained its global oil demand growth forecasts for 2024 and 2025 at 2.2 million barrels per day and 1.8 million barrels per day, respectively. This stability is based on their July oil market report.

  • Precious Metals See Modest Gains: Gold increased by 0.4% to $2,377.90 per troy ounce, while silver added 0.1% to $31.10 per ounce.

Additional Read: Commodities Market Today

Prices of Popular Commodities

The day’s rate of Gold, Silver, Natural Gas, Crude Oil (Brent), Crude Oil (WTI)

Name

LTP

Change

Change%

GOLD

₹72,438.00

+167.00

+0.23

SILVER

₹91,760.00

+70.00

+0.08

COPPER

₹862.50

-10.00

-1.15

CRUDE OIL

₹6,796.00

-77.00

-1.12

NATURAL GAS

₹195.70

-1.80

-0.91

Note: Stats/Prices updated as of July 11, 2024, at 9:13 AM.

Source: Moneycontrol

Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing.

This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.

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