Oil Trades Solidly amid Optimistic US Outlook

4 January 2011 4 January 2011

BonTrade

Crude oil traded solidly with the front-month WTI contract surging to a 27-month high of 92.58 after strong US economic data. The contract settled at 91.55, up +0.19%, on profit-taking. Gold climbed to as high as 1424.4 before ending the day at 1422.9, up +0.11%. A weaker EUR/USD weighed on gold but the metal should remain supported by ongoing sovereign crisis in the Eurozone and strength in the commodity sector.