Oil prices surge above $80/bbl due to Middle East tensions and bullish API report.

From Investing.com: 2024-07-31 06:16:00

Oil prices surged above $80/bbl due to rising Middle East tensions and reports of Hamas leader assassination in Iran. API reported a significant drop in US crude inventories, boosting market sentiment. Nigeria agrees to sell crude to Dangote refinery in Naira to stabilize domestic fuel prices and support foreign exchange reserves.

In China, officials announced more support for consumer spending but less for industrial sectors. Metals prices rose as stable manufacturing data emerged. In precious metals, gold prices surpassed $2,400/oz amid Middle East tensions. Speculators decreased net bullish positions in copper, aluminium, and zinc futures.

Indian Sugar Mills Association predicts a 2% YoY drop in sugar production to 33.3mt in 2024/25 due to reduced sugarcane acreage. EU soft wheat exports declined by 38% to 1.9mt, mainly from France’s weather-related harvest issues. Meanwhile, EU sugar imports increased by 31% YoY.



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