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Analytics, News, and Forecasts for CFD Markets: raw news — 09-11-2012.
After falling for most of the day, oil prices are still able to grow, driven by speculation that the political debate in the U.S. will slow economic growth, which is the largest oil consumer in the world. At this time, it was reported that gasoline prices rose because of a lack of fuel in the New York and New Jersey.
Earlier, futures fell 1.1% amid concerns that U.S. lawmakers will not be able to compromise and avoid automatic spending cuts and tax increases at the start of 2013.
Note that today, gasoline rationing was introduced in New York City and Long Island, following similar measures in New Jersey, and is currently under restriction were already 12 districts.
Also today, the Organization of Petroleum Exporting Countries has cut its forecast for oil demand in the next year, and said thus to lower production in the past month. It is learned that the 12-member group will provide an average of 29.7 million barrels per day in 2013, 1.25 million less than the current pump, and 100,000 barrels a day less than forecast a month ago .
The report also showed that the supply from the OPEC fell by 0.2% to 30.95 million barrels a day in October, while still achieving the lowest since December last year due to lower production in Nigeria, Iran and Saudi Arabia.
December futures price of U.S. light crude oil WTI (Light Sweet Crude Oil) rose to 85.82 dollars a barrel on the New York Mercantile Exchange.
December futures price for North Sea petroleum mix of mark Brent rose $1.18 to 108.24 dollars a barrel on the London Stock Exchange ICE Futures Europe.
Today, the price of gold reached a three-week high, and headed to the biggest weekly gain since January, at a time when the prospects for further stimulus in the U.S. is rising. Also, the data showed that stocks of gold bullion, exchange traded funds supported increased to record levels.
Recall that gold has risen in price this week on speculation that U.S. policy will add more stimulus after President Barack Obama won the presidential election, as well as fears that the current situation in Greece can not meet the requirements for the provision of assistance. We also learned that the gold assets in exchange-traded products reached 2,596.1 tons yesterday. At the same time, analysts say that the demand for gold in India, the largest consumer of the precious metal, could rise by as much as 15 percent in the quarter, against the season of festivals, which stimulates the sale of jewelry.
Note that the record gold reserves in the funds are a strong signal that the institutional and private investors believe gold and see it as the strongest currency.
According to the data, gold has increased by 11% this year, and is on the way to the 12th annual gain, and could have outrun the index S & P500, which is added in the same period of about 9.5%.
December futures price of gold on the COMEX is now 1731.30 an ounce.
--Downside risks to oil demnd outlk from econ uncertainty
--Confirms 2012 demand forecast for opec crude at 30.1 mbd
--Cuts 2013 demand fcast for OPEC crude 0.1 mbd to 29.7mbd
--Cuts 2012 non-opec supply to +0.5 mbd;2013 unch +0.9 mbd
--Sources see Oct OPEC crude -67 kbd m/m to 30.95 mbd
Change % Change Last
Oil $85.07 -0.02 -0.02%
Gold $1,733.50 +7.50 +0.43%
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