Crude dropped from a 14-month high after an official said Egypt’s Suez Canal is “secure”, and ship traffic through the waterway is “normal,” even as violence escalated in Cairo. Prices topped $104 a barrel today as Egyptian security forces fought with supporters of ousted President Mohamed Mursi, leaving at least 50 dead. Egypt runs the canal and the Suez-Mediterranean Pipeline, through which Middle Eastern oil moves on its way to Europe. Crude settled at $103.14 a barrel on the New York Mercantile Exchange. The volume of all futures traded was 25 percent more than the 100-day average for the time of day.
GOLD
Gold rose the most in a week in New York on speculation that this year’s slump will spur stronger physical demand. Platinum climbed as workers went on strike at the world’s largest producer. The drop below $1,200 has brought in some physical buyers, Michael Smith, the president of T&K Futures & Options in Port St. Lucie, Florida, said in a telephone interview. The weakness in the dollar is also supporting prices. Bullion slipped 28 percent this year through to July 5, wiping $62 billion from the value of gold-backed exchange-traded products. Some investors lost faith in the metal as a store of value as Federal Reserve Chairman Ben S. Bernanke said the central bank may slow its $85 billion of asset purchases this year. Data released last week showed that in June, U.S. employers added more jobs in than economists had estimated.
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Oil And Gold Analysis: July 09, 2013
Published 07/09/2013, 06:39 AM
Updated 04/25/2018, 04:40 AM
Oil And Gold Analysis: July 09, 2013
CL
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