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videos | IST

Crude prices gain 3% overnight

Crude oil prices rose 3% overnight after a gain of more than 5% since the US move on Iran.
The US dollar as well is up 3.5% in the past month and the crude oil prices have gained 12% in the past month as well and that is a rarity because as and when the US dollar gains, the dollar denominated commodities do not do so well. However, this chart seems to be moving in tandem.
The US weekly inventories which has seen a decline by 2.2 million barrels are also supporting the crude prices.
Goldman Sachs in a report said that crude prices may hit $82.5 by this quarter itself.
Metal prices have declined. Steel prices are trading at a two week low, iron ore prices have declined, there is some pressure coming in for copper and zinc as well and this is on the back of strong US dollar.