Commodity outlook: Crude oil may turn soft on US oil waiver


Commodity outlook: Crude oil may turn soft on US oil waiver

Crude oil prices may show a weakening bias on Monday as the US allowed waiver to eight jurisdictions from Iran sanctions. Brent crude futures, the global benchmark, were at $72.41 per barrel on Monday, down over 0.50 per cent.

Washington has said it will ensure a well supplied global oil market, with help from ally Saudi Arabia, as Iran oil is cut back, according to Reuters. Gold and silver prices were little changed on Monday morning. MCX Gold prices were marginally down 0.01 per cent at Rs 31,752 per 10 grams at around 10.45 am. MCX Silver softened 0.16 per cent at Rs 38,557 per kg.

How are various commodities lined up today? Here are some projections from brokerage SMC Global Securities.

Gold and silver: Gold can take support near Rs 31,550 and face resistance near Rs 31,850 on MCX. Silver can take support near Rs 38,200 and face a barrier near Rs 39,000. Read More

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