Crude oil picks up as OPEC-Russia stalemate resolves

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(By a commerce representative) Mumbai, Ta. 3 April 2020, Friday

Improvement in cod oil was a major step forward in the wake of ongoing conflict between OPEC and Russia over the production of cod oil cuts. There was a sharp rise in prices in the world market. Prices of precious metals gold and silver continued to improve, while the dollar index fell against the falling rupee.

The benchmark price of gold was set amid a lockdown in the local gold exchange market, where gold was priced at Rs 5, without a GST of 5 grams, while the price of Rs 5 was Rs 5. Silver, however, was closed at Rs 5 a kg without losing GST. In the global market, gold was trading at $ 5 an ounce, while the dollar was trading at $ 5 in the evening. After the world market, the import of gold and silver was raised by the rising prices.

Following US intervention, OPEC and Russia are approaching a proposal to cut oil production, and it is expected that both sides will hold a video conference next week in view of the coronavirus. Brent in cod oil surged by $ 1.8 per barrel while New York surpassed $ 5.

In the last two weeks in the United States, the unemployment index fell to a million dollars, the dollar index weakened. The rupee had weakened against the rupee to 5.7, while the pound was down 5 paise to 5.5 rupees and the euro was down 5 paise to the rupee.

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