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Analytics, News, and Forecasts for CFD Markets: raw news — 05-10-2012.
Oil headed for a third weekly drop in New York as signals that supply is exceeding demand outweighed an unexpected decline in the unemployment rate.
Futures are set to cap the longest run of weekly decreases since June after an Energy Department report on Oct. 3 showed U.S. crude output rose to 6.52 million barrels a day last week, the most since December 1996. Prices pared their descent earlier when government data showed the U.S. added 114,000 jobs last month as the jobless rate fell to 7.8 percent.
Crude oil for November delivery fell to $89.90 a barrel on the New York Mercantile Exchange. Prices are down 2 percent this week.
Brent oil for November settlement slipped 79 cents, or 0.7 percent, to $111.79 a barrel on the London-based ICE Futures Europe exchange.
Gold futures fell from the highest in almost 11 months after the unemployment rate in the U.S. unexpectedly dropped, easing pressure on the Federal Reserve to expand monetary stimulus. Silver also slid.
The jobless rate in September declined to 7.8 percent from 8.1 percent, government data showed today. Earlier, gold reached a 10-month high close to $1,800 an ounce on speculation that stimulus programs in the U.S., Europe and Japan enhanced the appeal of the metal as an alternative to currencies.
In India - the world's largest consumer of gold - an increased demand in the physical market by strengthening rupee, which caused lower domestic prices to a minimum of five weeks.
Stocks of gold-ETFs ETF on Thursday rose by 418,611 ounces, and the stocks of the largest ETF SPDR Gold Trust rose to a record level 1.333,44 tons.
October futures price of gold on COMEX today dropped to 1780.7 dollars per ounce.
Change % Change Last
Gold 1,793 +13 +0.74%
Oil 91.53 +3.39 +3.85%
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