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CS MCX Commodity Evening mkt updates

Oil Ticks Higher on Bets for Drop in U.S. Crude Supplies Crude prices ticked higher on Wednesday, amid speculation weekly supply data due later in the day will show a decline in U.S. oil and fuel supplies. Oil settled lower for the third session in a row on Tuesday weighed down by the recent stock-market rout and as traders weighed a steady increase in U.S. output against OPEC’s ongoing efforts to drain the market of excess supplies. U.S. crude oil production, driven by shale extraction, has rebounded by almost 20% since the most recent low in mid-2016 to around 10 million barrels per day, the highest level since the early 1970s and close to the output of top producers Russia and Saudi Arabia.

Gold Prices Bounce Off 3-Week Lows As Stock Markets Stay Choppy Gold prices edged higher on Wednesday, bouncing off the prior session’s three-week low as focus remained on U.S. stocks, which were the source of the latest turbulence in global markets. Gold futures closed lower for a third straight session on Tuesday, as U.S. equities bounced back from their worst one-day selloff in six years and the dollar held relatively steady. The yellow metal found support after the rebound in Asian markets stalled Wednesday as several indexes in the region gave up early gains to finish the session in negative territory. Major U.S. stock index futures were also pointing to a sharply lower open, with Dow futures falling around 1%, a sign that market participants remain jittery amid this week’s global markets rout. There was no obvious single reason behind massive losses seen stateside, but the sell-offs were blamed on concerns about rising interest rates, program trading and volatility funds that use leverage. Unless the market plunge intensifies and damages the economy, the Federal Reserve is unlikely to budge from its plan to raise borrowing costs three times this year, some analysts said. However, traders have already dialed back bets the U.S. central bank would speed up the pace of rate hikes to between two and three hikes from three to four hikes last week, according to’s Fed Rate Monitor tool.

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