Weekly

Weekly Commodity Outlook:-


HIGHLIGHTS:

Crude oil futures closed lower on Friday, suffering from a fourth straight weekly loss, pressured by US plans to issue waivers on Iranian oil sanctions and growing global crude production. Secretary of State Michael Pompeo said the government expects to issue some temporary allotments to eight jurisdictions, but added that negotiations are still ongoing. Benchmark crude oil futures for December declined 55 cents or 0.9 percent to settle at $63.14 a barrel on the New York Mercantile Exchange. January Brent crude dropped 6 cents or less than 0.1 per cent to settle at $72.83 a barrel on London’s Intercontinental Exchange.

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