Commodity Blog

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Europe’s Woes Make Oil Go Lower, Gold Rise Higher

May 24, 2011 at 2:52 by Vladimir Vyun

Concerns about the European debt crisis had a great impact on markets at the start of this week. Crude oil fell on anticipation of lower demand, while gold climbed as demand for safe assets increased.

Standard and Poor’s downgraded outlook for Italy’s credit rating. Earlier Fitch Ratings cut the rating of Greece. Portugal, Ireland and Spain also cause concern. And as if that wasn’t enough, the macroeconomic data signaled about weaker performance of European Union’s economy.

July contract for crude oil delivery fell $2.40 to $97.70 per barrel on NYMEX. June contract for delivery of gold added $6.50 (0.4 percent) to $1,515.40 per ounce by 13:39 on COMEX.

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