24 Oct 2013
Oil downwards despite soft greenback, solid China PMI
FXstreet.com (Athens) – Oil prices in both sides of Atlantic move lower, while gold is gaining roughly 0.10% amidst a positive ‘risk-on’ sentiment, mostly inspired by China PMI.
Oil prices move downwards in both sides of Atlantic ocean, with Crude oil tumbling by 0.53% (standing at $97.07/brl), while Brent moves also downwards by 2.21%, at $107.59/brl. Yesterday, oil prices fell in volatile spread trading following a surge in U.S. crude oil inventories to the highest level since June. Briefly, U.S. crude for December delivery settled $1.44 per barrel lower at $96.86, its lowest settlement since July 1, after paring some losses from an earlier drop to $96.16. What’s more, Brent crude lost $2.17 per barrel, ending the day at $107.80 per barrel, its lowest settlement price since Aug. 8. Brent oil fell below both the 100-and-200 day moving averages for the first time since Oct. 2. Regarding gold, the safe - haven is trading at 1336.25, up 0.25% in the midst of the European trading session. On Wednesday, it was slightly lower, as investors sold to lock in profits after prices hit four-week highs a day earlier in reaction to weaker-than-expected U.S. non-farm payroll data and sold in reaction to a weaker oil market that dragged commodities down.
Oil prices move downwards in both sides of Atlantic ocean, with Crude oil tumbling by 0.53% (standing at $97.07/brl), while Brent moves also downwards by 2.21%, at $107.59/brl. Yesterday, oil prices fell in volatile spread trading following a surge in U.S. crude oil inventories to the highest level since June. Briefly, U.S. crude for December delivery settled $1.44 per barrel lower at $96.86, its lowest settlement since July 1, after paring some losses from an earlier drop to $96.16. What’s more, Brent crude lost $2.17 per barrel, ending the day at $107.80 per barrel, its lowest settlement price since Aug. 8. Brent oil fell below both the 100-and-200 day moving averages for the first time since Oct. 2. Regarding gold, the safe - haven is trading at 1336.25, up 0.25% in the midst of the European trading session. On Wednesday, it was slightly lower, as investors sold to lock in profits after prices hit four-week highs a day earlier in reaction to weaker-than-expected U.S. non-farm payroll data and sold in reaction to a weaker oil market that dragged commodities down.