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Analytics, News, and Forecasts for CFD Markets: raw news — 22-10-2012.
Oil prices fluctuate, fixing the decline, as TransCanada Corp plans to restart the Keystone pipeline. At the same time, the price of oil is putting pressure on the appreciation of the euro against the dollar.
Prices traded during the day then down then rise as the representative TransCanada James Millar said the pipeline will resume sending oil to the U.S. today after a two-day delay. Note that through this pipeline is approximately 590,000 barrels per day. He was suspended on October 17 after a routine check revealed problems in the trunk.
According to the Ministry of Energy, the U.S. imported 1.65 million barrels of oil per day in the Midwest during the week that ended Oct. 12, and a large part of raw materials imported into the region comes from Canada.
Also today, the euro rose, which was the first time in three days after the Spanish Prime Minister Mariano Rajoy won a majority of votes in his home region of Galicia, thus justifying the austerity program of the government.
Note also that the data showed that exports to Japan, which is the third largest country in the world oil consumer, fell to a maximum value since the earthquake last year. September delivery fell by 10% compared to last year.
November futures price of U.S. light crude oil WTI (Light Sweet Crude Oil) is 89.34 per barrel on the New York Mercantile Exchange.
December futures price of North Sea Brent crude oil mix is now 110.10 a barrel on the London Stock Exchange ICE Futures Europe.
Gold prices rose, while recovering the losses incurred in the previous session, which showed the most significant one-day drop in more than three months.
Also on this momentum the falling value of the dollar, which today shows a significant decline against the euro and most other major currencies.
Note that the metal prices fell 1.8% on Friday, as disappointing corporate reports a negative impact on the stock market, thus causing the outflow of investors to higher yielding assets, such as the dollar. But today the depreciation of the dollar triggered a trend that has helped increase the value of gold.
We also note that today the spot price of gold fell to its lowest level since September 7, while U.S. gold futures for December delivery rose $ 3.20 to $ 1,727.20 an ounce.
Recall that the weakness of the U.S. currency is the rise in gold prices, as it makes dollar-denominated assets less expensive for holders of other currencies and raises interest in bullion as an alternative store of value.
Data from the Commodity Futures Exchange Commission on Friday showed that hedge funds and other large speculators gradually reduce its gold assets, after the price of gold has not been able to overcome the level of $ 1800 per ounce.
Market participants' attention is now focused on the Federal Reserve's meeting this week and its impact on foreign exchange markets and the financial sector.
November futures price of gold on COMEX today rose $ 1.80 and is now 1724.80 an ounce.
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