With the lack of tier-1 economic data today, the focus is likely on Hurricane Sandy which is reported to have surpassed Hurricane Lili in 1996 as the second largest Atlantic storm over the past 24 years.
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Gasoline Prices Higher as Hurricane Sandy might Disrupt Refineries
Crude oil prices remained steady in European session ahead of the IMF meeting later this week. Tensions between Turkey and Syria and tighter sanctions against Iran on its nuclear development continued to support prices. European bourses were, however, weighed down by the IMF’s comments that the Eurozone has entered a “downward spiral of capital flight, breakup fears and economic decline”.
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IMF Warns that Eurozone Crisis has Entered Downward Spiral
Gold prices remained firm above 1700 in European session. In recent weeks, the yellow metal has been propelled by factors in the macroeconomic environment although the fundamentals remained fragile. ECB’s announcement of unlimited bond purchases have sent gold higher last week while disappointing employment data in the US has intensified speculations further regarding Fed’s QE3.
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Gold Remains Firm amid Global Easing Hopes
Crude oil prices remained firm in European session on worries over supply disruption in the North Sea. Although market concerns eased last Friday after news that the White House would consider releasing SPR to meet oil demand, the International Energy Agency stated that there was “no reason” for the release.
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Crude Oil Climbs Higher as IEA Criticized SPR Release