We already know that US made some restrictions to the countries importing oil from Iran. India has asked the United States if it would be flexible in allowing India to continue importing Iranian crude oil despite the end of the sanction waivers. The request, according to reports, came from Indian External Affairs Minister Sushma Swaraj in a discussion with US Secretary of State Mike Pompeo and explained to the Secretary of State that India was not in a position to immediately source enough crude oil from suppliers other than Iran an issue that is particularly sensitive because India is in the middle of an election, and the new administration would be rendering a decision on how to handle this issue. Pompeo was noncommittal, according to sources, telling Swaraj that that decision was no longer being handled at that level. The United States announced last week that it would not be extending any of the waivers that it had issued to buyers of Iranian oil in an effort to drive Iranian oil exports to zero.
This week in the commodity market precious metals Gold, Silver and Crude Oil futures contracts closed with losses as follows:
GOLD 10 g” (99.9 Pure)
- Last week in the commodity market Gold June 2019 futures contract closed at ₹31,939 with an aggregate gain of ₹476 only.
- This week Gold June futures contract opens at ₹31,909 on Monday
- Gold Highest gain ₹102 on Friday.
- Gold highest loss ₹395 on Thursday.
- Week last day i.e. Friday Gold closed at ₹31,447 with an aggregate loss of ₹492 only.
SILVER (1 KG)
- Last week Silver May 2019 futures contract closed at ₹37,518 with an aggregate gain of ₹288 only.
- This week Silver May futures contract opens at ₹37,369 on Monday.
- Silver highest gain ₹427 on Friday.
- Silver highest loss ₹531 on Tuesday.
- Week last day i.e. Friday Silver closed at ₹36,700 with an aggregate loss of ₹818 only.
CRUDE OIL (1 BBL)
- Last week Crude Oil May 2019 futures contract closed at ₹4,409 with an aggregate loss of ₹48 only.
- This week Crude May futures contract opens at ₹ 4,420 on Monday.
- Crude Oil highest gain ₹58 on Tuesday.
- Crude Oil highest loss ₹145 on Thursday.
- Week last day i.e. Friday Crude Oil closed at ₹4,307 with the aggregate loss of ₹102 only.