Crude oil prices reacted to rising US rig count, as drillers added five more rigs, taking the total to 1,013, according to a Baker Hughes International.

Brent prices are up 20% from the February lows and the support has come in from the fact that you have seen global inventories declining, Venezuela output has been falling as well and there is a lot of geopolitical premium that has been building up into the prices.

Precious metals have been holding firm on safe-haven buying also the fund allocation to commodity-focused fund has been at $3 billion in the first quarter of 2018, the highest in the last three-four years.

First Published:Apr 23, 2018 8:21 AM IST