Oil Prices Dip As Saudi Arabia Dampens Prospects Of Output Freeze

Oil prices dipped in early trading on Friday after the Saudi energy minister tempered expectations of strong market intervention by producers during talks next month.International benchmark Brent crude oil prices were trading at $49.55 per barrel at 0114 GMT, down 12 cents from their previous close.

 U.S. West Texas Intermediate (WTI) crude was down 7 cents at $47.26 a barrel.

 Saudi Arabian Energy Minister Khalid Al-Falih told Reuters late on Thursday that “we don’t believe any significant intervention in the market is necessary other than to allow the forces of supply and demand to do the work for us,” adding that the “market is moving in the right direction” already.

Members of the Organization of Petroleum Exporting Countries (OPEC) will meet on the sidelines of the International Energy Forum (IEF), which groups producers and consumers, in Algeria from Sept. 26-28.

The minister’s comments put a dampener on expectations of a meaningful intervention into the market which has been dogged by oversupply for more than two years.

MORNING TREND UPDATE BY RIPPLES ADVISORY

 1467722146-325
 GOLD

SUPPORT: 30700/30900

RESISTANCE: 31200/31400

TREND: DOWN

SILVER

SUPPORT: 43200/43500

RESISTANCE: 44100/44400

TREND: DOWN

 CRUDE OIL

SUPPORT: 3070/3110

RESISTANCE: 3180/3230

TREND: DOWN

 COPPER

SUPPORT: 302/304

RESISTANCE: 311/314

TREND: DOWN

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Gold Sits Tight As Investors Wait for U.S. Rate Hike Clues

 Gold was mostly unchanged early on Wednesday as investors remained on the sidelines waiting for clues from the U.S. Federal Reserve later this week on whether it will raise rates this year.

 FUNDAMENTALS

 * Spot gold was nearly flat at $1,338.20 an ounce at 0059 GMT.

 * U.S. gold slipped 0.3 percent to $1,342.60 an ounce.

 * Amid conflicting signals from the Fed in recent days, central bankers from around the world will gather from Aug. 25 for an annual meeting in the mountains of Jackson Hole, Wyoming, with Fed chair Janet Yellen due to speak the following day.

 * Data on Tuesday showed new U.S. single-family home sales unexpectedly rose in July, reaching their highest level in nearly nine years as demand increased broadly, brightening the housing market outlook.

  * Switzerland’s gold exports to the United Kingdom hit their highest in nearly four years in July, customs data showed on Tuesday, making it the country the biggest recipient of Swiss gold for a fifth straight month.

 * Switzerland’s raw platinum imports more than halved month-on-month in July, data from the Swiss customs bureau showed, as shipments from No.1 producer South Africa dried up.

 * Indian gold refiners just months ago were ramping up capacity and struggling to secure enough ore from miners. Now they are suspending operations as a surge in smuggled bullion wipes out wafer thin margins.

RIPPLES ADVISORY MORNING TREND NEWS UPDATE

GOLD

SUPPORT: 31060/31210

RESISTANCE: 31550/31720

TREND: SIDEWAYS

SILVER

SUPPORT: 43900/44300

RESISTANCE: 44800/45150

TREND: SIDEWAYS

 CRUDE OIL

SUPPORT: 3140/3180

RESISTANCE: 3250/3280

TREND: DOWN

 COPPER

SUPPORT: 309/312

RESISTANCE: 319/323

TREND: DOWN

‘Urjit Patel as RBI Governor is a vote for Continuity’

Hailing Urjit Patel’s appointment as RBI Governor as “vote for continuity”, India Inc and experts are unanimous that he is an excellent choice for the top job at the central bank when the economy is passing through a crucial phase.
“We all are very happy. Being a colleague, he brings great continuity and familiarity. He has a clear understanding of what is going on,” said RBI Deputy Governor S S Mundra.
Patel’s colleague further said every new leader will bring his or her own thinking. “There could be some addition, (in) some processes little bit changes. It’s normal in transition.
We are looking for great continuity and that provides great comfort,” Mundra said, adding that the appointment means that it is business as usual from the day one and “ensures smooth transition”.
Patel was today appointed the next Governor after Raghuram Rajan demits office on September 4. He was first appointed Deputy Governor for three years in January 2013 and was given extension this January.
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Asian Shares Slip, Dollar stands tall on Fed hike Bets

Asian shares slipped on Monday and the dollar pulled away from last week’s lows on expectations that a signal might emerge from a Federal Reserve gathering this week in Jackson Hole, Wyoming that the US central bank is gearing up to hike interest rates.
Global central bankers will join the annual mountain retreat that opens on Thursday, with Fed Chair Janet Yellen due to speak the following day.
The Jackson Hole meeting “looks set to dominate trade this week,” wrote Angus Nicholson, market analyst at IG in Melbourne. “The DXY US dollar index already seemed to be looking ahead for some slightly more upbeat language on the US economy coming out this week as it rallied 0.4 percent on Friday,” he said.
The dollar index, which tracks the greenback against a basket of six major rivals, was up 0.2 percent in early trade at 94.722, pulling away from last week’s low of 94.077, which was its lowest since June 24.
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Nifty likely to open Flat

The equity markets in India is expected to open flat on Monday. SGX Nifty was trading at 8690.50 up 2.50 points.
Asian markets open mixed in the early trade as investors are cautious ahead of a speech from Federal Reserve Chair Janet Yellen at Jackson Hole on Friday.
With utilities dropping more than 1 percent in the US market, stocks closed lower on Friday, as investors digested hawkish rhetoric from Federal Reserve officials and kept an eye on oil prices.
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Oil Falls as August Price rally Seen Overblown

Oil prices fell on Monday as analysts doubted upcoming producer talks would rein in oversupply, saying that Brent would likely fall back below $50 a barrel as August’s more than 20-percent crude rally looks overblown. Soaring exports of refined products from China also pressured prices, as this was seen as the latest indicator of an ongoing global fuel glut, traders said.
China’s July exports of diesel and gasoline soared by 181.8 and 145.2 percent respectively compared with the same month last year, to 1.53 million tonnes and 970,000 tonnes each, putting pressure on refined product margins.
Brent crude futures were trading at $50.22 per barrel at 0224 GMT, down 66 cents, or 1.3 percent. U.S. West Texas Intermediate (WTI) crude was down 51 cents, or 1.05 percent, at $48.01 a barrel. Analysts cast doubt on an August price rally, saying that much of it was a result of short-covering and anticipation of upcoming producer talks to discuss means to curb oversupply.
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