- Crude oil prices gained further in Asia on Friday spurred by what appear to be a renewed effort by major producers to coordinate a cut in global output.On the New York Mercantile Exchange, WTI crude for March delivery soared 5.59% to $27.67 a barrel. Brent rose 5.56% to $31.73 a barrel.Minutes after the U.S. close, Dow Jones reported that OPEC members are preparing to cooperate on potential production cuts according to UAE’s energy minister.
- Copper futures rallied smartly during noon trade in the domestic market on Friday as investors and speculators booked fresh positions in the industrial metal amidst a pickup in physical demand for copper in the domestic spot market. Further upbeat Euro area Q4 GDP data signaled a resilient recovery in the 19-member economy lifting the demand outlook for the industrial metal.
- Natural Gas futures plunged by more than 1 per cent in the domestic market on Thursday as investors and speculators exited positions in the energy commodity as a smaller than expected US storage withdrawal last week signaled weak demand for the heating fuel in the world’s biggest gas consuming nation.The EIA said that US gas supplies fell 70 billion cubic feet to 2.864 trillion cubic feet in the week ended February 5 compared to expectations of an 82 billion cubic feet drop.
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