Gold fell nearly 1 percent on Monday to its weakest in two weeks after centrist Macron led the first round of voting in the French presidential election, boosting stocks and triggering a sell-off of safe-haven bullion.
Oil Recovers Lost Ground But Market Remains Under Pressure
Oil prices recovered ground on Monday following last week's big losses, driven by expectations that OPEC will extend a pledge to cut output to cover all of 2017, although a relentless rise in U.S. drilling capped gains.
U.S. West Texas Intermediate (WTI) crude oil futures (CLc1) added 26 cents, or 0.5 percent, by 0401 GMT (12:01 a.m. ET), but were still below the $50 mark pierced on Friday at $49.88 a barrel.
Brent crude futures (LCOc1) rose 30 cents, or 0.6 percent, to $52.26 per barrel.
Oil prices fell steeply last week on the back of stubbornly high crude supplies, despite a pledge by the Organization of the Petroleum Exporting Countries (OPEC) and some other producers to cut production by almost 1.8 million barrels per day (bpd) for six months from Jan. 1 to support the market. For More Commodity Trading Tips Please Visit : www.paceresearchindia.com and Call : 8817774774
Oil Recovers Lost Ground But Market Remains Under PressureOil prices recovered ground on Monday following last week's big losses, driven by expectations that OPEC will extend a pledge to cut output to cover all of 2017, although a relentless rise in U.S. drilling capped gains.
U.S. West Texas Intermediate (WTI) crude oil futures (CLc1) added 26 cents, or 0.5 percent, by 0401 GMT (12:01 a.m. ET), but were still below the $50 mark pierced on Friday at $49.88 a barrel.
Brent crude futures (LCOc1) rose 30 cents, or 0.6 percent, to $52.26 per barrel.
Oil prices fell steeply last week on the back of stubbornly high crude supplies, despite a pledge by the Organization of the Petroleum Exporting Countries (OPEC) and some other producers to cut production by almost 1.8 million barrels per day (bpd) for six months from Jan. 1 to support the market. For More Commodity Trading Tips Please Visit : www.paceresearchindia.com and Call : 8817774774
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