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Analytics, News, and Forecasts for CFD Markets: raw news — 22-11-2012.
World oil prices have stabilized today after a ceasefire between Israel and Palestinian militants, which lasted for about a week, and took the lives of at least 160 people. Analysts point out that given the risks of supply from the Middle East, prices will not fall further.
Today as the market got support from the positive Chinese data on industrial production, as well as yesterday's data on oil reserves in the U.S., which unexpectedly fell by 1.5 million barrels. As it became known, the manufacturing purchasing managers' index from Markit / HSBC rose in November to the level of 50.4, up from 49.5 in October, at the same time showing the highest value in 13 months.
Economists say that the price of oil is currently being consolidated and until the places show a definite trend.
Note also that the low volume of trading today as the U.S. markets are closed in observance of Thanksgiving.
January futures price of U.S. light crude oil WTI (Light Sweet Crude Oil) fell to 87.23 dollars a barrel on the New York Mercantile Exchange.
January futures price of North Sea petroleum mix of mark Brent fell to 110.17 dollars a barrel on the London Stock Exchange ICE Futures Europe.
Gold prices rose, as market participants with optimistic about China released data that showed that the manufacturing PMI rose above the level of 50 (up to 50.4), which was the first time in 13 months. Economists say that such positive data may serve as a good omen of increasing demand on the part of countries that competed with India as the largest consumer of gold in the world this year, but whose buying gold dropped amid slowing economic growth.
At the same time, many are hoping that a deal to rescue Greece may eventually be agreed that immediately display the on the euro, which had a three-week high against the dollar.
Analysts note that the gold market is likely to trade sideways, if not provided with clear comments on the problem of "financial cliff" in the United States. Recall that Federal Reserve Chairman Ben Bernanke on Wednesday reiterated a warning that it is not possible to prevent this situation will have irreparable damage to economic growth.
Meanwhile, we note that prices today vary in a narrow range, as the main U.S. stock markets are closed today in observance of the Thanksgiving holiday in the U.S.
December futures price of gold on the COMEX is now 1731 an ounce.
Change % Change Last
Oil$ 87.67 +0.29 +0.33%
Gold $1,729.20 +1.00 +0.06%
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