Global Crude Oil prices trading lower - ICICI Bank : Treasury Research

Global crude oil prices are trading lower on the back of strength in the greenback. The US Energy Department yesterday reported a decline in US fuel consumption to 18.5 mbpd, which weighed on the oil demand outlook. The front-month WTI future is currently trading at USD 93.72/bbl compared to yesterday's close of USD 94.30/bbl while Brent is trading at USD 103.52/bbl, compared to yesterday's close of USD 103.68/bbl. (17:30 IST).

Gold prices are trading lower tracking losses in the broad commodity space. Strength in the greenback is also weighing on bullion prices. Investor demand for gold received a setback amidst reports that billionaire investment funds Blackrock Inc. and Soros Fund Management lowered their holdings in gold-backed ETFs in Q1, with total holdings in ETFs having declined by 16% this year. Spot gold is currently trading at USD 1374.6/oz compared to prior close of USD 1393.03/oz (17:30 IST).

Source : Equity Bulls

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