Commodities round-up: Crude oil price heads for 4th weekly gain

[view original post]

The crude prices are headed for a fourth weekly gain and up by 4 percent in this week and by 8-9 percent in this year, 2022, till date.

As the prices seem to be consolidating, the markets will continue to see support from the US inventories, which are at a 2018 low and the OPEC and allies which are unable to produce as per the fixed quota.

This week has been positive for commodities across the board and within the metal space, the best of the performance came in from copper, which is trading at a 3-month high. The weakness in the US dollar, supply shortages, and the Shanghai copper stocks, which are at 2009 lows, have been supportive.

So whether it is energy, metals, precious metals – there is a strong strength because of the weakness in the US dollar.

Watch the accompanying video of CNBC-TV18’s Manisha Gupta for more details.