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Analytics, News, and Forecasts for CFD Markets: raw news — 26-02-2013.
The cost of oil has decreased, while leaving to the $ 113 per barrel, and reached the one-month low, as the inconclusive results of Italian elections have revived concerns among investors about the instability in the euro zone and weak growth in demand for fuel. Note that the results confirmed the fears that Italian politicians are not able to form a government that would be strong enough to carry out effective reforms that immediately rekindled memories of the financial crisis, which kept the eurozone on the brink of collapse in 2011.
Economists note that the uncertainty in Rome, along with problems in the United States, as well as weak manufacturing data from China, concerns about the global economic outlook, which may ultimately contribute to the growth of oil prices this year.
In addition, investor attention is also focused on the negotiations between the major powers and Iran over Tehran's nuclear program. Note that world powers will have to offer Iran facilitating the restrictive sanctions if the country agrees to halt its nuclear projects. Few believe that the meeting will provide an immediate breakthrough, however, the reduction of tension can affect the price of oil.
In addition, note that the prices could come under even more pressure, as presented data tomorrow may show that crude oil inventories in the U.S. rose again, that will be the sixth increase in a row.
April futures price of U.S. light crude oil WTI (Light Sweet Crude Oil) fell to 92.52 dollars a barrel on the New York Mercantile Exchange.
April futures price for North Sea petroleum mix of mark Brent fell 23 cents and is now $ 113.15 a barrel on the London Stock Exchange ICE Futures Europe.
Prices of gold futures rose, registering with the second session gain in a row, and rising above the level of $ 1600 per troy ounce, which was due to comments by Federal Reserve Chairman Ben Bernanke to Congress.
Bernanke said the U.S. economy will continue to recover in 2013, but the situation on the labor market and the economy as a whole is weak, and therefore, further mitigation is necessary.
Bernanke's comments indicate that he supports an extension of the Fed's bond purchases by 85 billion dollars. Note that the markets have been concerned that the Fed would curtail program of bond purchases, known as quantitative easing, after in January in the minutes of the FOMC meeting was disquieting committee members regarding the continuation of programs and proposals to reduce the purchase or minimize the program to the end of 2013 year.
We also add that in his speech Bernanke did not mention about the difference of opinion of the commission members FOMC, but touched all the issues that are of concern. Federal Reserve Chairman Ben Bernanke called on the White House and Congress to make adjustments and replace sharp automatic spending cuts, known as sequestration. In the view of the Fed automatic spending cuts, which are expected to come into force on Friday, in order to reduce the deficit can affect the pace of economic recovery. He also said that the sequestration will have a "significant" near the negative impact on economic growth, given the slow pace of recovery.
We also add that support gold prices have presented today data on new home sales in the U.S., which showed a significant recovery in January. Sales volume was significantly higher than the estimates of economists. The Commerce Department reported that sales of new homes rose by 15.6 percent to a seasonally adjusted 437,000 up in January from a revised 378,000 in December. Economists had expected new home sales will show a modest increase at an annual rate of 381 000 369 000, which was originally reported in the previous month.
February futures price of gold on COMEX today has grown, and now stands at 1606.40 dollars per ounce.
Change % Change Last
Oil $92.86 -0.25 -0.27%
Gold $1,595.70 +9.10 +0.57%
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