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Brent crude futures for July delivery rose 27 cents, or 0.3%, to $84.49 a barrel at 0042 GMT. U.S. West Texas Intermediate futures for July climbed 35 cents, or 0.4%, to $80.18.
Spot gold was flat at $2,350.85 per ounce, as of 0350 GMT, after rising about 1% in the previous session.
According to Geojit, The India Meteorological Department has forecast above normal southwest monsoon rainfall this year at 106% of the long period average, with rainfall likely to be higher in the second half of the season.
The Brent crude July contract dropped 3 cents to $83.07 a barrel by 0038 GMT. The more-active August contract slipped 4 cents to $82.85.
Spot gold was up 0.5% at $2,346.31 per ounce, as of 0331 GMT, having touched its lowest since May 9 at $2,325.19 on Friday. U.S. gold futures rose 0.6% to $2,347.60.
According to Geojit, The International Grains Council has projected global grain production in the 2024-25 season at 2,312 mln tn, down 10 mln tn from its estimate last month.
The Brent crude July contract inched up 11 cents to $82.23 a barrel by 0036 GMT. The more-active August contract LCOc2 rose 13 cents to $81.97.
In the coming week, silver may trade with a sideways to bullish bias and could continue its trajectory to test the newly formed 52-week high as long as the above mentioned supports are upheld.
According to Geojit, India's non-basmati rice exports in the year ended March plunged 28.1% to $4.57 bln, according to data collated by the Agricultural and Processed Food Products Export Development Authority from the Directorate General of Commercial Intelligence and Statistics.
According to Geojit, India imported 1.68 mln tn of masur or lentils in 2023-24 (Apr-Mar) compared with 858,437 tn the previous year, according to an update by the India Pulses and Grains Association, quoting the Department of Commerce.
Brent crude futures fell 27 cents, or 0.3%, to $81.63 a barrel at 0004 GMT. U.S. West Texas Intermediate crude (WTI) futures were down 35 cents, or 0.5%, at $77.14.
Renewable energy and EV manufacturers will be most affected by the sharp rise in copper prices.
Spot gold held its ground at $2,415.35 per ounce, as of 0345 GMT. Bullion hit a record high of $2,449.89 on Monday.
According to Geojit, Conditions are favourable for the southwest monsoon to advance to some more parts of south Bay of Bengal Andaman and Nicobar Islands and the Andaman Sea during the next two days, the India Meteorological Department said on Tuesday.
Brent crude futures were down 43 cents, or 0.5%, to $82.45 a barrel. U.S. West Texas Intermediate crude (WTI) futures slipped 50 cents, or 0.6%, to $78.16. Oil prices settled about 1% lower on Tuesday.
According to Geojit, India's oilmeal exports in April fell 6% on year to 465,156 tn, according to data released by The Solvent Extractors' Association of India.
Brent crude futures declined 12 cents, or 0.1%, to $83.34 a barrel by 0041 GMT. U.S. West Texas Intermediate crude (WTI) eased 8 cents, or 0.1%, to $79.72 a barrel.
Brent rose 26 cents, or 0.3% to $84.24 a barrel by 0049 GMT. U.S. West Texas Intermediate crude (WTI) gained 15 cents, or 0.2% to $80.21 a barrel.
The majority of indicators suggest that the gold price may maintain its positive momentum into next week (starting from May 20).
According to Geojit, India's exports of spices, tea, and coffee rose in April on a year-on-year basis, while those of oilmeals, fruits, vegetables, and rice fell, according to data released by the commerce ministry.
Spot gold was up 0.1% at $2,379.14 per ounce, as of 0236 GMT. Bullion prices have gained 0.7% so far this week.
Silver has soared by almost a quarter in 2024, outpacing gold and making it one of the year’s best-performing major commodities.
Brent crude oil prices rose 21 cents, or 0.3%, to $83.48 a barrel by 0018 GMT. U.S. West Texas Intermediate (WTI) crude futures rose 18 cents, or 0.2%, to $79.41 a barrel.
According to Geojit, India's vegetable oil imports rose 26% on year to 1.32 mln tn in April from 1.05 mln tn last year, the Solvent Extractors' Association of India said in a release today.
Brent futures rose 42 cents, or 0.5%, to $83.17 a barrel, while U.S. West Texas Intermediate crude (WTI) gained 43 cents, or 0.6%, to $79.06 at 0032 GMT.
