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MUMBAI: Nymex crude oil September contract was last quoted at $124.78 per barrel - down $0.33. The contract had hit a high of $126.35 per barrel in Asian trades.
Platinum was quoted 5% lower in early trades, and was last traded at $1,592 per ounce, down $62. The metal has lost over 14% in the last three trading session. Gold was last offered at $906.8 per ounce, down $5.7. Silver was last offered at $17.36 per ounce, down $0.17.
MCX crude oil August contract was last traded at Rs 5,298 per barrel, down 0.17%. MCX gold August contract, which will be expiring soon, dropped to Rs 12,480 per 10 gram, down 0.23%.
MCX copper August contract was last quoted at Rs 326.85 per kg, down 2.46%.
Most of the agri-commodities trended lower due to the soft trend in the spot markets on increased arrivals and sluggish demand. Coriander seeds August contract was frozen at the 4% lower limit.
Updated at 1500 hrs: Crude oil prices resumed their upward journey as tropical storm "Edouard" is looking to strengthen to a hurricane heading towards Texas and Gulf of Mexico. Nymex crude oil September contract rose to $126.35 per barrel during Asian trades. It has since corrected to $125.78 per barrel, up $0.68. Iran missing deadline raised chances of military actions.
In London, gold was last offered at $913.4 per ounce, up $0.90. Silver was almost flat at $17.55 per ounce. Platinum was last offered at $1,632 per ounce, down $22. It had earlier slipped to $1,620 per ounce.
On the domestic commodity exchanges, crude oil and other commodities started largely strong on overseas cues. MCX crude oil August contract, after opening at Rs 5,338 per barrel, was last traded at Rs 5,337 per barrel, up 0.57%. MCX gold August contract, which will be expiring soon, moved in a tight band. The contract, after opening at Rs 12,570, slipped to Rs 12,530 per 10 gram, up 0.17%.
The coriander September contract was last traded 3% lower at Rs 10,646 per 100 kg after opening the session stronger at Rs 11,025. NCDEX guar September contract was last offered at Rs 4,580 per 100 kg.
Updated at 0630 hrs: Oil rose over $1, climbing back above $126 a barrel, on Monday lifted by jitters about Iran's nuclear activities and violence in OPEC member Nigeria.
US light crude for September delivery rose $1.08 to $126.18 a barrel in Globex electronic trading by 6:52 p.m. EDT. The same contract settled up $1.02 at $125.10 a barrel on Friday.
London Brent crude was up 82 cents at $125.
The United States said on Sunday that Iran has left the U.N. Security Council no choice but to increase sanctions on the Islamic Republic for ignoring demands that it halt sensitive nuclear activities.
The US declaration came a day after an informal deadline lapsed for Iran to respond to an offer from the United States, Britain, France, Germany, China and Russia for talks on its disputed nuclear program.
Tehran has not formally responded to the offer. But Iranian President Mahmoud Ahmadinejad said on Saturday that Iran would not back down in its nuclear dispute with the powers, which have supported three rounds of U.N. Security Council sanctions.
In Nigeria, gunmen kidnapped two French expatriates near the country's oil industry hub of Port Harcourt in the restive Niger delta, military and security sources said on Sunday.
More than a dozen gunmen late on Saturday ambushed patrons at a local bar in Onne in Rivers state and exchanged fire with navy personnel, resulting in at least three deaths, a security source said.
Tensions over Tehran's disputed nuclear program and violence in Nigeria have been key drivers in oil's rally in recent months, which saw prices surge to a record high of above $147 a barrel in July.
But worries about a slowdown in world economy and high fuel prices hitting consumption in top energy user the United States have since pulled prices lower. (Reuters) |
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