Commodity capsule: Oil set to snap 2-week losing streak, base metals bounce back | Watch video

Oil Prices poised to end the week in green

Oil prices were set to snap a two-week losing streak.

Trading marginally lower on Friday, amid optimism about higher energy demand from China and a weak dollar.

Both international oil benchmarks, Brent Crude, and US WTI Crude, surged about 3 per cent in the prior session.

China's oil refinery throughput rose 15.4 per cent in May year-on-year (YoY), hitting second-highest total on record.

Chinese demand for oil is expected to keep climbing at an assured rate during the second half of the year— Kuwait Petroleum Corp's CEO

US retail sales unexpectedly rose in May along with higher-than-expected jobless claims last week.

The dollar fell to a five-week low versus a basket of other currencies.

Gold heads for muted weekly close

Gold prices traversed in a tight range on Friday.

Markets weigh contrasting expectations for more rate hikes from Federal Reserve.

Gold saw large swings this week, largely within a tight trading range seen over the past month.

Mixed signals from the Fed and the US economy offered little cues for a breakout in either direction.

International Gold (Spot and Futures) is set to end the week marginally lower.

Fed kept its benchmark rate steady, but flagged at least two more rate hikes this year, to curb high inflation.

Soft consumer inflation, higher-than-expected weekly jobless claims, and weak industrial production fueled bets that the central bank will have limited economic headroom to keep raising interest rates.

Base metals bounce back

LME Copper rebound past the $8500 mark, hovering at 5 week high.

Copper was set for a strong weekly finish on more stimulus measures from China.

Zinc and Nickel trading close to their 5-week highs.

China trimmed medium and short-term lending rates this week; expected to cut key loan prime rates next week.

Agri Commodities extend northward rally

Oilseed and global edible oils trading at multi-week highs.

CBoT Wheat and Corn are headed higher owing to weather concerns in global growing regions.

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