Commodity Blog

Commodity news, technical and fundamental analysis, market data on precious metals, energies, industrial metals, and soft commodities

Archives

Crude Oil Falls, Gold Follows

June 28, 2011 at 0:01 by Vladimir Vyun

Crude oil dropped to the lowest level in four months today on the forecast of higher supply and lower demand. The US consumer spending stalled last month, signaling that demand in the biggest oil-consuming country may drop. The International Energy Agency said, after announcing on June 23 its plans to release 60 million barrels from the strategic reserves, that it’ll decide in 30 day whether to use the inventories again. August futures for crude oil delivery dropped $0.55 to $90.61 per barrel on NYMEX, the lowest prices level since February 18.

Gold slipped after oil declined. The drop of crude oil prices eased inflation pressure and reduced demand for the metal as an inflation-hedge. Hopes for positive outcome of the situation in Greece decreased attractiveness of gold as a safe haven. Spot price for gold fell 0.3 percent to $1,498.15 per ounce before trading at $1,500.18 as of 15:17 in Seoul.

If you have any questions and comments on the commodities today, use the form below to reply.

4 Responses to “Crude Oil Falls, Gold Follows”

  1. emmkay

    Under current scenario, where do you see settlement of gold and crude in this month!Regards

    [Reply]

    enivid Reply:

    In June? $100-$110 for oil and $1,500-$1,520 for gold.

    [Reply]

  2. emmkay

    No july exp! :-)

    [Reply]

    enivid Reply:

    $80-$100 for oil and $1,420-$1,500 for gold.

    [Reply]

Leave a Reply

required
required  

Navigation

Menu