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Commodities Market Today | Oil Drops Over 2% as Libya Halts Production

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Synopsis:

The commodities market today is driven by Libya’s oil production halt and anticipated economic data. On Tuesday, the 10-year yield rose to 3.829%, the dollar index dipped to 100.53, the Brent October contract dropped 2.31% to $79.55/barrel, while gold dipped 0.3% to $2,510.31/ounce.

Top News and Events

  • US 10-Year Treasury Yield Edges Up Slightly: The yield on the US 10-year Treasury rose marginally by less than one basis point to 3.829% on Tuesday as investors monitored new economic data.

  • US Dollar Hits Yearly Low: The US dollar dipped 0.3% to 100.53 on Tuesday, marking its lowest level in over a year. The dollar has declined by 3.2% in August, heading towards its steepest monthly drop since November 2022.

  • US Crude Oil Drops Over 2% as Libya Halts Production: US crude oil futures fell by more than 2% on Tuesday, settling below $76 per barrel. This decline followed a surge in the previous session after reports that Libya would halt production and exports. Brent crude for October delivery also dropped by $1.88, or 2.31%, to $79.55 per barrel.

  • Gold Prices Ease as Investors Await Fed's Rate Cut Decision: Gold prices dipped 0.3% on Tuesday to $2,510.31 per ounce, cooling near last week's record highs. Investors are awaiting clarity on the expected interest rate cut from the Federal Reserve, with a key inflation report due this week.

Prices of Popular Commodities

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

Name

LTP

Change (₹)

Change (%)

GOLD

₹71,433.00

+337.00

+0.47

SILVER

₹85,546.00

+1316.00

+1.56

COPPER

₹815.00

+11.00

+1.37

CRUDE OIL

₹6,492.00

+216.00

+3.44

NATURAL GAS

₹164.00

-5.60

-3.30

Note: Stats/Prices updated as of August 28, 2024, at 9:08 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.

For All Disclaimers Click Here: https://bit.ly/3Tcsfuc

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