Published on Mon, Apr 20, 2009 at 08:28 | Source : CNBC-TV18
Updated at Mon, Apr 20, 2009 at 11:26
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Crude hovers around $50/bbl
Crude continued around the USD 50 a barrel levels after rising on Friday on concerns about fuel demand. In after hours access, crude was trading at USD 49.55 per barrel on the Nymex.
Crude continued around the USD 50 per barrel levels, after rising on Friday on concerns about fuel demand.
In after hours access, crude was trading at USD 49.55 per barrel on the Nymex.
Here is a transcript of Commodities Editor, Manisha Gupta's comments on CNBC-TV18. Also watch the accompanying video.
Crude May declined ahead of expiry tomorrow. CFTC reported decline in long positions. China crude oil processing went up 8.8% in March. US consumer confidence and earnings were positive. US President Barack Obama said economy still under strain.
IMF is expected to cut global economic forecast this week. The near term range for crude is seen between $47 and $53/bbl. It was trading at USD 49.5 a barrel.
Gold was trading at 3-week lows on increase in risk appetite. Strengthening $ and Euro at 1-week lows were also putting pressure on gold prices. Firm equities, lack of investor interest and ETF outflows were other factors, which put in pressure on prices.
Copper was trading at 6-month highs and was up 1.6% at $4805/tonne. Tin and nickel were trading at 3-month highs. Steel prices saw turnaround on China demand.
Crude continued around the USD 50 per barrel levels, after rising on Friday on concerns about fuel demand. 
