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Analytics, News, and Forecasts for CFD Markets: raw news — 26-04-2013.
The price of oil fell, dropping below $ 103 per barrel, which occurred after the rise of $ 3 in the last two sessions, as investors were cautious about the prospects for growth in the world's two largest oil consumers - the United States and China.
Note that the oil can be demonstrated by the end of the week the biggest weekly gain since November. But, despite this, the prices are up 7 percent below the levels that were recorded at the beginning of April, as a number of disappointing data raised concerns about the global economic downturn. It is also worth noting that considerable pressure had today's U.S. data, which showed that in the first quarter, the economy grew less than expected, fueling concerns over a slowdown in the second quarter.
Despite the price increase, some analysts say the market is still in the "bearish" sentiment.
At the same time, experts say that the market has experienced a period of relatively robust production in the North Sea, thus weakening the growth of Brent spread, while market participants are less concerned with production of crude oil to the U.S. Midwest.
According to a report from the U.S. Energy Information Administration, oil was also supported by the tightening of the world's reserves over the past two months, as well as the ongoing tensions in the Middle East. Members of Congress call for action against Syria after the information has shown that there is a possibility of use of chemical weapons by the Syrian Government
The cost of the June futures on U.S. light crude oil WTI (Light Sweet Crude Oil) dropped to 92.95 dollars per barrel.
June futures price for North Sea Brent crude oil mixture fell $ 0.41 to $ 102.64 a barrel on the London exchange ICE Futures Europe.
Gold futures rose, heading for the largest weekly gain since 2011, after data showed the U.S. economy grew in the first quarter, less than forecast, which increased demand for the precious metal as a haven.
According to the report, the gross domestic product expanded in the first quarter to 2.5 percent, compared with growth of 0.4 percent in the fourth quarter of 2012. Note that according to the average estimate of economists, the economy should expand by 3.1 percent.
Meanwhile, it was reported that consumer spending continued to increase, thus speeding up the pace, and companies have increased their holdings after January 1, so it was introduced cuts in public spending.
The data also showed that consumer purchases increased 3.2 percent from 1.8 percent in the fourth quarter, which was associated with a sharp increase in fuel prices.
The government also reported that the housing sector continues to show signs of significant improvement, as housing costs rose by 12.6 percent, followed after a significant growth in the previous two quarters.
Note that Standard Chartered Plc today reported that on April 23 the physical gold sales to India have exceeded the previous record by 20 percent, and UBS AG said that on the same day, the volume of flow was at its highest level since 2008.
According to the London-based World Gold Council, some central banks are likely to take advantage of lower prices: Russia increased its reserves by 4.7 tons to 981.6 tons in March, and the reserves of Kazakhstan rose by 1.2 tonnes. According to forecasts, this year, the central bank will buy about 550 tons of gold, after increasing by 534.6 tons last year, the highest increase since 1964.
The cost of the June gold futures on COMEX today rose to 1478.00 dollars per ounce.
Change % Change Last
GOLD 1,464.00 40.30 2.83%
OIL (WTI) 93.24 1.81 1.98%
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