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Analytics, News, and Forecasts for CFD Markets: raw news — 10-08-2012.
The cost of oil futures fell after disappointing data on China and on the background of the revision of the International Energy Agency forecast on global demand for oil.
As shown by the data, China's trade surplus fell to $ 25.1 billion in July, compared with $ 31.7 billion in June. Predicted that the figure will be $ 35.2 billion.
Also, China, which is the second largest consumer of the world's oil, said the low level of crude oil imports for nine months.
Worse-than-expected data for China in fact, supported oil prices in the past, as traders hoped that the Chinese government will introduce a new set of stimulus measures to restore economic growth. Nevertheless, a steady stream of negative news, not only from China but the U.S. and Europe, has become so large that it affected the price of oil.
Also, the International Energy Agency lowered its forecast for 2012 world oil prices and growing demand to 0.8 million barrels a day from one million barrels per day.
In its monthly report published on Friday, data showed that demand was weaker than in the previous month, particularly in China, Russia and the Middle East.
The cost of the September futures on U.S. light crude oil WTI (Light Sweet Crude Oil) on the NYMEX dropped to $ 92.77 a barrel.
September futures price for North Sea Brent crude oil mixture dropped to $ 112.58 a barrel on the ICE Futures Europe Exchange.
Gold futures traded lower in the first half of the session, but showed significant growth over the last couple of hours. Investors have increased their stocks of bullion to record levels amid speculation that central banks must do more to promote economic growth. During the day, gold prices rose by more than $ 20 per ounce.
Gold has received some support from the fact that the weak Chinese economic data reinforced the belief that China's central bank could expand the program of monetary stimulus in order to maintain economic growth. Such a policy could warm up the demand for gold, increasing the likelihood of inflation, which hit the value of paper money.
Separate reports showed that China's trade surplus fell, and the amount of new loans fell to their lowest level since September last year.
But traders still do not want revenge to make big bets on the actions of central banks.
The Federal Reserve and European Central Bank has repeatedly disappointed buyers of gold this year, not announcing the launch of new programs to stimulate the economy.
The volume of trading in gold was much lower than usual this week, as market participants retreated to the background of a relatively light economic releases.
Market participants are focusing on expectations of monetary policy on the eve of the annual economic summit of politicians in Wyoming at the end of this month and the Fed meeting in September.
The cost of the August gold futures on the COMEX today has grown to the level of 1624.1 dollars per ounce, and is now trading at around 1621.4 dollars per ounce.
Change % Change Last
Oil 93.49 +0.13 +0.14%
Gold 1,619.40 -0.80 -0.05%
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