Commodity Blog |
| Oil Gains Amid Optimism for Spain & US Growth Posted: 16 Oct 2012 07:23 PM PDT Crude oil rose for the second day on optimism about Spain. It looks like Germany’s opposition for aiding the indebted country eased, opening the way for Spain’s rescue. And bailouts are usually bullish for commodities. US industrial production rose 0.4 percent in September, the rate of growth being two times the forecast of analysts. Signs of economic recovery in the United States remain a bullish factor for oil. US inventories of crude probably increased 1.4 million barrels last week, according to estimates before the government report today. Crude oil (light sweet) rose from $91.66 to $92.36 per barrel on NYMEX yesterday. Brent crude was up $0.2 (0.18 percent) to $113.8 per barrel as of 2:16 GMT on ICE today. |
| Weak Dollar Means Strong Precious Metals Posted: 16 Oct 2012 02:45 PM PDT Precious metals, including gold and silver, gained today, rebounding from the lowest level in a month, as the dollar weakened. Economists speculated that Spain may get a credit line without asking for a bailout. The resulting positive mood among traders hurt the greenback, allowing metals to rebound. The metals touched the monthly low yesterday on concerns about slowdown in China. Reports from the second biggest world economy were not good this week and more negative data is expected to come. On top of that, there are speculations that the policy makers will avoid adding stimulus. Gold was up from $1,737.15 to $1,747.70 per troy ounce as of 21:42 GMT on COMEX today. Silver advanced from $32.72 to $32.94 per ounce. Platinum rose from $1,636.50 to $1,641.50 per troy ounce and palladium edged up from $634.05 to $636.60 per ounce today. |
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