Gold Analysis


Share on FacebookShare on Google+Tweet about this on TwitterShare on LinkedIn

Crude Oil Ends Below $ 60, Gold into South Again

Crude oil prices slumped further on Thursday, with the benchmark US crude ends below $ 60 a barrel for the first time in more than five years. Expectations for stimulus from global central banks and strong US data initially keep crude above $ 60, but then the seller showed their dominance has not been completed.

On the New York Mercantile Exchange, light-sweet crude for January delivery fell 99 cents, or 1.6%, ending at $ 59.95 a barrel. It marked the lowest close since July 14, 2009 for the front-month contract. Brent crude oil for January delivery fell 56 cents, or 0.9%, to close at $ 63.68 a barrel on the ICE Futures exchange in London. European oil benchmark closed at its lowest level since July 16, 2009.

On Wednesday, the Organization of Petroleum Exporting Countries announced just see little prospect of demand next year. Benchmark US oil has dropped 44% since June 20 last. Benchmark US crude fell below $ 60, when crude fell below this key level, most likely zone of $ 55, $ 50 and $ 40 will be pursued.

News in the market has been dominated by the statement of Saudi Oil Minister Ali al-Naimi said on the sidelines of the annual UN climate change conference in Lima, Peru: “Why do we have to cut production? Why? “. The reporter had asked him whether he thought OPEC should cut oil production before the next cartel meeting in June.

At the same session the price of gold fell for a second session on Thursday as US retail sales data hit demand for safe-haven and help rising US stocks. Gold for February delivery fell $ 3.80, or 0.3%, to close at $ 1,225.60 an ounce. Silver for March delivery fell 8 cents, or 0.4%, ending at $ 17.11 per ounce.

Related Post

© 2010-2015 OmahForex Global Corp. | Global Forex Rebate (Cashback) Provider.