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CS MCX Commodity Evening mkt updates

Oil Prices Slump To 5-Week Low Amid Rising U.S. Output Crude oil futures extended losses on Thursday, as lingering concerns over rising production in the U.S. sent prices to their lowest levels in around five weeks. Oil settled lower for the fourth session in a row on Wednesday, after data showed U.S. oil production topped the 10 million barrels per day (bpd) mark last week. That added to fears that rising U.S. output would dampen OPEC’s efforts to rid the market of excess supplies. The producer group, along with some non-OPEC members led by Russia, agreed in December to extend oil output cuts until the end of 2018. The deal to cut oil output by 1.8 million barrels a day (bpd) was adopted last winter by OPEC, Russia and nine other global producers. The agreement was due to end in March 2018, having already been extended once.

Gold Slides To Lowest Level In A Month Amid Firmer Dollar Gold prices edged lower on Thursday, reaching their lowest level in around a month as the dollar firmed amid expectations of more U.S. interest rate hikes this year. Gold is highly sensitive to rising U.S. interest rates, as these increase the opportunity cost of holding non-yielding bullion, while boosting the dollar, in which it is priced. A stronger U.S. dollar usually weighs on gold, as it dampens the metal’s appeal as an alternative asset and makes dollar-priced commodities more expensive for holders of other currencies. The move higher in the yields also came amid news that U.S. Senate leaders reached a two-year budget deal to raise government spending by almost $300 billion. Meanwhile, focus remained on U.S. stocks, which were the source of the latest turbulence in global markets. 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.

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