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Commodities Fundamental Report: Tuesday 18-04-2017

News Date: 18/4/2017 02:16:04
 

Spot gold prices have fallen after hitting a five-month high supported by a rebound in the US dollar, but tensions over North Korea give prices some support.

Spot gold prices rose 0.15%, trading around $ 1282.84 per ounce.

US Vice President Mike Pines warned North Korea on Monday that recent US military strikes in Syria and Afghanistan should not be tolerated, but North Korea has vowed to continue missile and nuclear tests.

Tight trading dominated on crude oil prices after the Easter holiday, which closed many markets for the last four days, while a US report showed a rise in US oil shale production, which would cap any chances for higher prices today.

Futures Crude oil contracts for May delivery fell around 0.28%, trading at $ 52.64 a barrel.

Oil production in the United States is likely to rise in May, the biggest monthly gain in more than two years, as producers stepped up drilling with oil prices above $ 50 a barrel, the US Energy Agency said on Monday.

Increased oil production in the United States, the world's third largest oil shale producer, is increasing pressure on the Organization of the Petroleum Exporting Countries (OPEC), which agreed to cut production by the end of last year to control the global oil supply glut.

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