Crude oil sets biggest quarterly rise since 2009

Oil prices rose on Friday amid OPEC-led supply cuts and US sanctions against Iran and Venezuela, putting crude markets on track for their biggest quarterly rise since 2009. Oil prices have been supported for much of this year by an agreement between the Organization of the Petroleum Exporting Countries and allies such as Russia to cut output by around 1.2 million barrels per day.

“Production cuts from the OPEC+ group of producers have been the main reason for the dramatic recovery from the 38 percent price slump seen during the final quarter of last year. Prices shrugged off a tweet from US President Donald Trump on Thursday calling for OPEC to boost crude production. “While OPEC, and above all Saudi Arabia, appeared in November to be obeying US President Trump’s repeated demands to increase oil production, his tweets now are more likely to fall on deaf ears,” Commerzbank said in a note.

This week commodity market Gold, Silver and Crude Oil futures contracts closed with gains and losses as follows:

GOLD 10 g” (99.9 Pure)

In the commodity market last week Gold April 2019 futures contract closed at ₹32,140 with the aggregate gain of ₹314 only.
This week Gold April futures contract opens at ₹32,150 on Monday.
Gold highest gain ₹127 on Friday.
Gold highest loss ₹409 on Thursday.
Week last day of the trading i.e. Friday, Gold closed at ₹31,734 with the aggregate loss of ₹406 only.

SILVER (1 KG)

In the commodity market last week Silver May 2019 futures contract closed at ₹38,362 with an aggregate gain of ₹275 only.
In the current week Silver May futures contract opens at ₹38,410 on Monday.
Silver highest gain ₹444 on Friday.
Silver highest loss ₹698 on Thursday.
Week last day of the trading i.e. Friday, Silver closed at ₹37,761 with the aggregate loss of ₹601 only.

CRUDE OIL (1 BBL)

In the commodity market last week Crude oil April 2019 futures contract closed at ₹4,075 only.
In the current week Crude futures April contract opens at ₹ 4,074 on Monday.
Crude Oil highest gain ₹74 on Friday.
Crude Oil highest loss ₹31 on Wednesday.
Week last day i.e. Friday, Crude Oil closed at ₹4,185 with the aggregate gain of ₹110 only.