8 Nov 2013
Commodities consolidate slightly higher ahead of NFP
FXstreet.com (Athens) – Oil prices are heading higher on both sides of the Atlantic ocean on Friday, alongside with gold, in consolidation mode ahead of the NFP data, yesterday’s immense losses.
Crude oil is trading at $94.46$/brl, up 0.23%, while Brent is also moving to the upper side at $103.62, up 0.22%. Precisely, Brent crude oil futures slid nearly two percent on Thursday, posting a third straight day of losses, as a strong dollar and progress in talks between Iran and the West over Tehran's disputed nuclear program pressured prices. The contract has fallen by more than two percent this week and is on track for its fourth straight weekly decline. What’s more, U.S. crude oil ended 60 cents lower at $94.20 a barrel after posting its biggest one-day percent gain in more than one month in the previous session when data showed a larger-than-expected draw from gasoline stocks. Gold is also trading on the upper side today, at 1312.45 up 0.37%. On Thursday, gold fell to a three-week low reversing early gains to end down nearly 1 percent on signs of strong U.S. economic growth and on the European Central Bank's interest rate cut to a record low (hit a low of $1,298.31, its lowest price since Oct. 17).
Crude oil is trading at $94.46$/brl, up 0.23%, while Brent is also moving to the upper side at $103.62, up 0.22%. Precisely, Brent crude oil futures slid nearly two percent on Thursday, posting a third straight day of losses, as a strong dollar and progress in talks between Iran and the West over Tehran's disputed nuclear program pressured prices. The contract has fallen by more than two percent this week and is on track for its fourth straight weekly decline. What’s more, U.S. crude oil ended 60 cents lower at $94.20 a barrel after posting its biggest one-day percent gain in more than one month in the previous session when data showed a larger-than-expected draw from gasoline stocks. Gold is also trading on the upper side today, at 1312.45 up 0.37%. On Thursday, gold fell to a three-week low reversing early gains to end down nearly 1 percent on signs of strong U.S. economic growth and on the European Central Bank's interest rate cut to a record low (hit a low of $1,298.31, its lowest price since Oct. 17).