Go here to see the original:
Gold slips as U.S. jobless claims fall, China claims outbreak contained
Author: Steestplusy
-
Gold slips as U.S. jobless claims fall, China claims outbreak contained
-
Fed Events in Focus in Absence of Key Eco Data
Crude oil moved sideways after last week’s selloff driven by potential increase in Libya’s exports. The Libyan government has instructed National Oil to start marketing supplies from the Es Sider and Ras Lanuf ports as rebels handed them over. According to the Oil Ministry, Es Sider can load 340K bpd while Ras Lanuf can load 220K bpd, compared with Libya’s pumping of 300K bpd last month due to disruption and the pumping 1.13M bpd in June 2013.
Read the rest here:
Fed Events in Focus in Absence of Key Eco Data -
Sentiment Lifted as Central Banks Pledged to Maintain Accommodative Policies
Market sentiment was buoyed by dovish central bank announcements and upbeat economic data. Wall Street soared with the DJIA and S&P 500 indices adding +0.83% and 1.25% respectively. European shares also rose as the ECB pledged to leave interest rates low for an extended period of time.
Original post:
Sentiment Lifted as Central Banks Pledged to Maintain Accommodative Policies -
Weekly Fundamentals – Backwardation of Crude Contracts Rose to Pre-Crisis Levels
WTI crude oil contract rose +1.98% while Brent crude contract slipped -0.68% during the week. Meanwhile, the front-month WTI-Brent spread narrowed further this week as driven by decline in inventory and improvement in demand in the US. Stock at Cushing, Oklahoma dropped -0.88M bpd to 46.1M bpd in the week ended July 12.
Go here to see the original:
Weekly Fundamentals – Backwardation of Crude Contracts Rose to Pre-Crisis Levels -
Fed Sent Mixed Signals on QE Tapering
Market sentiment was lifted by FOMC minutes for June as it suggested that quite a number of policymakers opposed to pare QE measures until economic recovery has become unsustainable. Wall Street was mixed with the DJIA losing -0.06% and the S&P 500 adding +0.02%. In the commodity sector, the front-month contract for WTI crude oil soared +2.89% and closed at 106.52.
Continued here:
Fed Sent Mixed Signals on QE Tapering -
Brent oil price hangs at $106 a barrel as traders eye Syria conflict
Brent crude oil opens today’s trading session at 11 week highs around $106 a barrel as traders price in possible US involvement in Syria’s civil war which could in turn draw in Middle Eastern states which are a hub for around a third of the world’s oil supply.Latest Brent Oil Price
In London, Brent crude oil futures for August 2013 delivery was trading at $106.09 a barrel, 07:30 GMT this morning on the ICE Futures Exchange after trading as high as $106.24 yesterday.
Syria Conflict & Oil Prices
The market was rangebound on Tuesday, testing resistance and support levels after reaching new highs, having hit those new highs due to possible US involvement in Syria’s civil war, according to Addison Armstrong, director of market research at Tradition Energy in Stamford, Connecticut.
“The potential for the US and its allies to begin arming Syrian rebels is what pushed us into this new trading range,” Armstrong said.
The US is considering to increase aid to Syrian rebels who have been fighting against the regime of President Bashar al-Assad in a bloody civil war. The Syrian conflict has become a proxy for warring Middle Eastern factions. Investors fear oil supply disruptions if other Middle Eastern nations are drawn into the conflict.
The geopolitical tensions in Syria as well as Turkey are helping to keep oil prices at multi-month highs, analysts at Commerzbank wrote in a note. “Syria and Turkey may not be significant oil producers, but they do play an important role in the region’s overall stability,” the analysts wrote, adding that the friendlier signals sent by Iran’s newly elected president have been virtually ignored.
No Consistent Trend
“We’re seeing a lot of sideways to higher price chop rather than any more powerful or consistent trend,” said Tim Evans, energy futures specialist at Citi Futures and OTC Clearing, referring to oil’s action in the last few days.
Factors driving oil prices include the increased attention on Syria, along with the almost conciliatory rhetoric coming from Iran’s Rohani, Evans said. The US decision on aiding Syria’s rebels has heightened the oil market’s sense of geopolitical risk.
View original here:
Brent oil price hangs at $106 a barrel as traders eye Syria conflict -
Sentiment Lifted by EU Leniency on Cyprus and Improving US Data
Financial markets fared better yesterday as the EU and the IMF approved the bailout deal for Cyprus and US data improved. Wall Street rose with the DJIA and the S&P 500 indices gaining +0.61% and +0.52% respectively.
See the original post here:
Sentiment Lifted by EU Leniency on Cyprus and Improving US Data