Commodity Blog |
Commodity Prices — June 7th 2012 Posted: 07 Jun 2012 11:18 AM PDT Latest commodity prices (ICE, NYMEX, CME) as of 18:16 GMT: Oil (Brent) — $100.49 per barrel. |
Oil Fluctuates as Bernanke’s Comments Mitigate Optimism Posted: 07 Jun 2012 10:51 AM PDT Crude oil fluctuated today as comments of Federal Reserve Chairman Ben Bernanke tempered optimism of traders. Bernanke said in his speech today that the crisis in Europe threatens global economic growth:
He also noted that Europe’s problems may be negative for the United States:
There were positive factors that mitigated the impact of Chairman’s words. Iran again showed unwillingness to let international inspectors to check its nuclear sites. Saudi Arabia decreased its oil exports after prices of crude fell below $100 level. The People's Bank of China signaled that it is going to lower its benchmark July futures for delivery of crude oil gained $0.12 to $85.14 per barrel by 11:54 on NYMEX today. Brent graded of oil traded near $100.53 per barrel as of 17:45 GMT on ICE after opening at $100.85. Brent climbed as high as $102.44 and fell as low as $99.62 intraday. |
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