Saudi Arabia, the group's biggest producer, will make a deep cut to its output in July on top of a broader OPEC+ deal to limit supply into 2024 as the group faces flagging oil prices.
Brent crude futures were down 23 cents, or 0.3%, at $76.48 a barrel at 0020 GMT. The U.S. West Texas Intermediate crude eased 25 cents, or 0.4%, to $71.90 a barrel.
Oil surges as Saudi Arabia announces production cuts to the tune of a million barrels a day for july, taking its daily output down to 9 million barrels. Brent jumps above 78 dollars a barrel.
According to Geojit, Mixed moves were witnessed in NCDEX spices complex on Friday. Barring jeera other spices ended down.
Most base metals held on to gains owing to softer dollar and surprise expansion in China’s Caixin manufacturing PMI, this week.
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According to Geojit, Spices traded weak on NCDEX on Thursday. Coriander futures hit its lowest level in about two years on subdued demand amidst rise in arrivals in the spot market.
Brent crude futures rose 13 cents, or 0.18% to $74.41 a barrel by 0115 GMT, while U.S. West Texas Intermediate crude (WTI) rose 15 cents, or 0.21%, to $70.25 a barrel, following two consecutive days of sliding crude prices.
According to Geojit , Barring turmeric other spices were down on NCDEX on Wednesday. Turmeric futures pared initial losses and inched up on concerns over crop in the upcoming kharif season, while jeera and coriander futures inched down on tepid demand.
Brent crude futures for August delivery fell 40 cents, or 0.6% to $72.20 a barrel by 0023 GMT, while U.S. West Texas Intermediate crude (WTI) eased 39 cents, or 0.6%, to $67.70 a barrel.
Dollar at seven-week high, US economic data reflects strength. Against the Yen, Dollar rose to a six-month peek of 138.74. Catch Commodities live with Manisha Gupta for more insights only on Moneycontrol.
According to Geojit , Mixed moves were witnessed in NCDEX spices complex on Tuesday. Coriander futures ruled flat, awaiting fresh cues for further directional moves, while jeera and turmeric futures were under pressure on tepid demand.
Brent crude futures for August delivery rose 11 cents to $73.82 a barrel by 0013 GMT, while U.S. West Texas Intermediate crude (WTI) gained 8 cents to $69.54 a barrel. Both fell more than 4% on Tuesday.
Gold price hit a two-month low. Most banks still expect higher gold by the end 2023. Catch Manisha Gupta on Commodities Live.
According to Geojit , Steady to positive moves were witnessed in NCDEX spices complex on Monday. Jeera futures gained the most, by four per cent, followed by coriander futures on firm demand and bargain buying, while turmeric futures ended rather flat.
Brent crude futures climbed 35 cents, or 0.5%, to $77.42 a barrel by 0145 GMT after gaining 12 cents on Monday.
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According to Geojit , Barring jeera other spices were down on NCDEX on Friday. Jeera futures were up on bargain buying, while turmeric and coriander futures were down on subdued demand.
Brent crude futures climbed 39 cents, or 0.5%, to $77.34 a barrel by 2317 GMT, while U.S. West Texas Intermediate crude was at $73.12 a barrel, up 45 cents, or 0.6%.
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According to Geojit , NCDEX spices complex traded steady to weak on Thursday. Jeera futures declined over two percent, while turmeric was down marginally by about 0.4 per cent and dhaniya futures ended flat .
Brent crude fell 30 cents to $75.96 a barrel at 0315 GMT, while U.S. West Texas Intermediate was down by 14 cents at $71.69 a barrel.
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According to Geojit , Mixed moves were witnessed in NCDEX spices complex on Wednesday. Jeera and turmeric futures gained, while coriander futures pared initial gains to ended lower.