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Analytics, News, and Forecasts for CFD Markets: raw news — 20-06-2012.
Oil fell after the Energy Department said U.S. crude stockpiles rose to the highest level in almost 22 years and as investors awaited a Federal Reserve announcement on whether it will act to bolster the economy.
Futures dropped as much as 2 percent after the report showed supplies rose 2.86 million barrels to 387.3 million last week, the highest level since July 1990. Supplies were forecast to decline, according to analysts surveyed by Bloomberg. The Fed may announce more stimulus measures at the end of a two-day meeting this afternoon in Washington.
The Fed will probably decide today to expand Operation Twist beyond $400 billion to spur growth and buy protection against a deeper crisis in Europe, according to a Bloomberg News survey of economists. Fifty-eight percent of respondents in a June 18 poll said the Fed will prolong the program, which seeks to lower borrowing costs by extending the average maturity of the securities in the central bank’s portfolio.
Crude oil for July delivery fell to $81.76 a barrel on the New York Mercantile Exchange. Oil traded at $83.02 before release of the inventory report.
Brent oil for August settlement declined $1.26, or 1.3 percent, to $94.50 a barrel on the London-based ICE Futures Europe exchange. Futures ended yesterday’s session at $95.76, the lowest settlement since January 2011.
Gold is cheaper in anticipation of the outcome of Fed meeting
Gold prices fall, as investors were waiting the U.S. Federal Reserve statement on the results of a two-day meeting.
A series of weak U.S. economic indicators raised hopes for an extension of the Fed program to buy out long-term bonds, which ends in late June. The new incentives will help keep the low interest rates, which favorably affect the gold market as an asset that is profitable percent.
According to the survey 49 economists conducted by Reuters in early June, the likelihood of new stimulus measures by the Fed is equal to 45 percent. Participants in a survey conducted on May 15, this possibility was evaluated in only 30 percent.
Stocks of the world's largest gold ETF-secured fund SPDR Gold Trust rose in June by 11.4 tons and by the end of the month may show the highest growth since February.
Demand for gold in India - its biggest customer - is low because of the weak rupee. Jewelers are watching the monsoon season, which set the tone for future demand in the holiday season.
The June gold futures on the COMEX today fell to 1598.6 dollars per ounce.
Change % Change Last
Oil $84.10 +0.83 +1.00%
Gold $1,621.20 -2.00 -0.12%
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