Slight Upward Trend in Oil Prices after Statement from Saudi Arabia

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Slight Upward Trend in Oil Prices after Statement from Saudi Arabia
Slight Upward Trend in Oil Prices after Statement from Saudi Arabia

Following the statement from Saudi Arabia that the existing prices of oil will not hinder the global economic growth, the Asian session on Tuesday witnessed the oil prices moving upwards slightly during the initial part of the day. There is also a speculation that the statement might imply that the most prominent producer in the Organization of Petroleum Exporting Countries observes little need to heighten output in the upcoming time.
The Asian trading on Tuesday also revealed that futures for light sweet crude scheduled for April for delivery had increased 0.09% to USD93.82 a barrel after staying down 0.30% at a position of USD93.20 a barrel during the U.S. trading Monday, on the New York Mercantile Exchange. Brent futures scheduled for May delivery slid 0.03% to USD109.41 a barrel on the ICE Futures Exchange.

A look at gold futures indicated modest trading trends in the initial part of the Asian trading session on Tuesday, with investors acknowledging the status of this precious metal as a safe haven. A closer inspection revealed that the precious metal might probably check support level USD1,590.80 per troy ounce, the previous low, as well as resistance levels at USD1,619.40, the high positions viewed from Feb. 26. Futures in gold reserved for April delivery moved ahead 0.01% at USD1,604.80 a troy ounce during Tuesday on Asian trading after staying high 0.81% at a position of USD1,605.50 per troy ounce on Monday on the U.S. trading, as seen on the Comex division of the New York Mercantile Exchange. The same day witnessed traders rushing to gold with news related to Cyprus and one slack data point related to the U.S.

In other news, Comex silver scheduled for May delivery advanced 0.19% to a value of USD28.928 an ounce whereas copper observed for May delivery moved ahead 0.41% to a position of USD3.427 per ounce.

Spot platinum also advanced 0.1% to a value of $1,581.25 per ounce following five days of losses, which was observed as the worst trend seen this year. A single ounce of platinum bought 0.9845 ounce of gold in the same day, consequent to trading at the largest discount to bullion seen in two months.