6/09/2011 01:25:00 AM
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Gold NEWS
Today’s Gold session covered a $15.60 range as FOMC Chairman Ben Bernanke’s outlook on the U.S economy boosted the U.S Dollar and made the precious metals less appealing .Despite higher Crude Oil prices (July Futures Traded $$101.89 Today) the stronger Dollar versus a basket of currencies led the way for the technically overbought Gold market to sell-off. During yesterday’s speech Chairman Bernanke stated That there would not be Quantitative Easing 3… This certainly was “bearish” for the precious metals. Less money printed means more value for the Dollar.
OIL Updates
Oil rose to a one-week high after OPEC failed to reach an agreement on production targets for the first time in at least 20 years at its meeting in Vienna today.
Futures gained 1.7 percent after Mohammad Aliabadi, the acting Iranian oil minister and current OPEC president, said the group will maintain current output for now. A Gulf delegate said yesterday that the Organization of Petroleum Exporting Countries was going to increase quotas. A U.S. government report showed a bigger-than-forecast supply drop.
Crude oil for July delivery rose $1.65 to $100.74 a barrel on the New York Mercantile Exchange, the highest settlement since May 31. Prices are up 40 percent in the past year. Brent crude oil for July delivery climbed $1.29, or 1.1 percent, to $118.07 a barrel on the London-based ICE Futures Europe exchange. Saudi Arabian Oil Minister Ali Al-Naimi, representing OPEC’s biggest producer, said his country is ready to supply whatever the market needs.
Global oil demand will climb to 89.18 million barrels a day during the third quarter, the highest level of 2011, the U.S. Energy Department said yesterday. OPEC’s failure to agree to increase quotas shows that some of the group’s members have limited spare capacity, JPMorgan Chase & Co. said.
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