Friday, 29 January 2016

Daily Mcx Market Update On Crude oil And Gold

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Crude oil
U.S. crude oil futures extended gains on Friday to take their weekly rise to more than 4 percent on hopes of a global deal between oil-producing countries to help tackle a growing supply glut.

U.S. crude climbed 32 cents at $33.54 a barrel as of 2338 GMT, after it settled up 92 cents, or 2.9 percent, at $33.22 per barrel, down from a high of $34.82.

Global benchmark Brent ended up 79 cents, or 2.4 percent, at $33.89 a barrel, after trading as high as $35.84.

"Despite the unlikely scenario of supply cutbacks in the oil market, prices have found some support above $30 a barrel. We believe this basis is fragile, with fundamentals expected to weaken in the coming weeks," ANZ said on Friday.

Gold steadied on Friday after recent gains that lifted the metal to its highest since November, keeping it on track to end January with its strongest monthly climb in a year.

Fresh data released on Thursday showed new orders for U.S. durable goods posted their biggest drop in 16 months in December, suggesting that growth in the world's top economy braked sharply at the end of 2015.

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