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Analytics, News, and Forecasts for CFD Markets: raw news — 09-10-2012.
Oil prices rose as tensions in the Middle East has increased, and the global economic downturn could lead to a reduction in demand.
Prices rose after Turkey sent more tanks and missile defense systems to the Syrian border. Also today, the International Monetary Fund cut its outlook for global growth amid crisis worsens erozone. At the same time, the spread between oil West Texas Intermediate and Brent reached its highest level in nearly a year.
We also note that today's oil minister of Saudi Arabia stated that they will help to meet all the needs for raw materials.
Analysts expect that U.S. oil reserves are likely to have increased after the extraction of oil rose to its highest level in more than 15 years, while imports increased. It is predicted that stocks rose 1.5 million barrels last week, according to the median forecast of analysts. Official data tomorrow will provide the Ministry of Energy.
November futures price of U.S. light crude oil WTI (Light Sweet Crude Oil) is 89.48 per barrel on the New York Mercantile Exchange.
November futures price of North Sea Brent crude oil mixture is 111.94 dollars a barrel on the London Stock Exchange ICE Futures Europe.
Today, during the day, gold prices have stabilized a bit, erasing earlier losses, as concerns about peripheral eurozone economies caused a sharp depreciation of the euro, while increasing the attractiveness of the dollar. But in the last couple of hours in the gold price fell sharply, updating the minimum of the month.
Euro fell sharply after the meeting of ministers of the euro area ministers, which was held on Monday amid investor dashed hopes for the salvation of the problem of the Spanish economy.
News from Greece showed that international lenders may give Athens more time to meet its budget deficit reduction, which caused the increase in the dollar index to two-week low. And as a stronger dollar makes gold is usually less accessible to non-US investors, prices have declined slightly.
According to analysts, the price of gold will continue to rise due to recent actions of the central banks, which are aimed at easing monetary policy, including the Federal Reserve, which has announced its plan to buy bonds, which should provide long-term support for gold prices.
Economists also say that the strengthening of the dollar stalled uptrend for gold, but it is very temporary, after which the cost of precious metals should increase substantially.
Note also that the price of gold has risen more than 13 percent this year, largely due to the efforts of leading central banks.
Also today, the central bank in China, which is the second-largest gold buyer made his second-largest gross cash injection in the domestic money market, thus increasing the bag at 265 billion yuan ($ 42.15 billion).
At the same time, the International Monetary Fund cut its outlook for global growth in 2012 to 3.3% from 3.5%, and warned the U.S. and European politicians that the inability to solve their economic problems could cause an even greater decline.
Reflecting continued investor demand for gold in the background of deteriorating economic conditions, on Monday was recorded yet another influx of metal commodities at 74.76 million ounces.
October futures price of gold on COMEX has fallen today to 8.7$ and is now 1764.8 dollars per ounce.
Change % Change Last
Oil $89.73 +0.40 +0.45%
Gold $1,777.60 +1.90 +0.11%
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