Commodity Blog |
| Crude Oil Gains Amid Conflict in Middle East Posted: 16 Nov 2012 08:40 PM PST Crude oil rallied, ending this week with gains, on worries that conflict between Israel and Gaza Strip will escalate to whole Middle East. Tensions between two countries turned to open warfare, sparking fears of supply disruption. Egyptian Prime Minister Hisham Qandil called for the international intervention to end the infightings. Fire broke out at the oil platform that belongs to Black Elk Energy Offshore Operations LLC, adding to worries about supply. The company said that the disaster was ended. Two people are missing. Crude oil (light sweet) was up from $85.36 to $87.01 per barrel on NYMEX yesterday. January futures on Brent crude rose $0.94 (0.87 percent) to close at $108.95 on ICE. |
| Soybeans Drop on Demand & Supply Outlook Posted: 16 Nov 2012 03:49 PM PST Soybeans fell on signs of weaker demand from China and prospects for growing supply from South America. China canceled 10 cargoes with total 600,000 metric tons of the grain. The Asian country is the biggest soybean consumer in the world. Rains followed dry weather, creating favorable conditions in Argentina and Brazil. Good weather led to predictions of a record harvest in the South American countries. Such forecasts put downside pressure on the agricultural commodity. January futures of delivery of soybeans fell 1.3 percent to close at $13.8325 per bushel on CBoT today, following the drop to $13.7225 — the lowest settlement since June 22. Prices have slipped 4.7 percent this week. |
| You are subscribed to email updates from Commodity Blog To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google Inc., 20 West Kinzie, Chicago IL USA 60610 | |
No comments:
Post a Comment