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Analytics, News, and Forecasts for CFD Markets: raw news — 16-12-2013.
Oil prices rose today , while rising above $ 110 per barrel (Brent) and $ 97 per barrel (WTI), against a background of renewed concerns over supplies from Libya . As it became known , Libya failed to reach agreement with tribal leaders to put an end to the blockade of several oil-exporting ports. Libya has cut vital for her oil exports to 110 thousand barrels per day from 1 million in July due to the closure of ports and oil strikes , civil servants and local tribes in the fields . Western countries fear that Libya will slide into chaos due to the inability of the government to control armed groups that helped overthrow Muammar Gaddafi in 2011 and did not lay down their arms .
But analysts warn Commerzban that the impact of negative news from Libya should not be overestimated , given that the country is currently producing only 200,000 barrels of oil per day.
Growth in oil demand also contributed to macroeconomic data from the U.S., which showed that industrial production in November rose 1.1 % compared with October, with growth forecast at 0.6%.
We also add that many investors are waiting for the Fed meeting . December 17-18 U.S. central bank ( Fed ) will hold a meeting at which may decide to reduce the volume of buying bonds to $ 85 billion per month. Such a step may cause an increase in the dollar, which adversely affect the prices of raw materials.
Not unimportant today were data from China , which showed that the expansion in China's manufacturing sector slowed down a bit in the month of December , as production growth is weak, and employment continued to decline even further.
According to the report, the purchasing managers' index for the manufacturing sector from Markit Economics fell in December to three-month low , namely, to reach 50.5 points compared to 50.8 points in November . However, despite this decline, the figure remains above the level of 50 points , indicating that the expansion of the sector .
The price of January futures on U.S. light crude oil WTI (Light Sweet Crude Oil) rose to $ 97.59 a barrel on the New York Mercantile Exchange.
January futures price for North Sea Brent crude oil mixture increased by $ 1.78 to $ 110.55 a barrel on the London exchange ICE Futures Europe.
Gold futures rose sharply, allowing to recover all early losses , and update the session high. Such dynamics are related to the fact that many traders are waiting for the Fed meeting, which will take place this week, and can provide hints about the quantitative easing program , which plays an important role for gold.
Recall that this is the last meeting under the chairmanship of Ben Bernanke as Fed chairman , which increases the chances that any vital decisions would be taken , and the mission of reducing the program of "quantitative easing " the Fed will get a new chapter - Janet Yellen , which will come into office in February . Probably tone Bernanke comments will be soft , no surprises are expected . This would allow investors to finish the year on a positive note .
Meanwhile, experts say that with the approach of Christmas trading volumes in all markets begin to decrease considerably and the thin trading usually means that prices can move very rapidly and substantially .
The course of today's trading also affected the U.S. data , which showed that in December the index of activity in the manufacturing sector of the Federal Reserve Bank of New York rose to 0.98 , compared to -2.21 in November. Note that, according to the average forecast of economists , the value of production index would grow to a level of 4.9 . Recall that the index values above zero indicate expanding activity , and below zero - at its decline.
In addition, there was one more important report , which showed that in December preliminary index of business activity in the U.S. manufacturing sector Markit PMI showed a slowdown in expansion. The index fell from 54.7 to 54.4 , confounding forecast 54.9 , but kept in the area of expansion over the 50.0 mark key . The slowdown impacted by lower index of new orders component , with new export orders remained unchanged . Employment and procurement prices rose moderately .
Cost February gold futures on the COMEX today rose to $ 1242.10 per ounce.
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