CL2F
Oil rose for the first time in four days as new sanctions against Iran and protests in Egypt raised concern that supplies will be disrupted. Crude advanced 1.1 percent after the U.S., the U.K. and Canada expanded measures aimed at thwarting Iran’s nuclear program. In Egypt, protesters gathered in Tahrir Square for a fifth day after deadly clashes between security forces and demonstrators spurred the Cabinet to offer to quit. “There are new sanctions on Iran and rioters back on the streets of Cairo reminding us of the geopolitical risks that impact this market,” said Michael Wittner, the head of oil- market research at Societe Generale SA in New York. “The geopolitical risks never went away, but had moved to the background and are now back in the forefront.” Crude for January delivery gained $1.09 to settle at $98.01 a barrel on the New York Mercantile Exchange. Trading ranged from $96.55 to $98.70. After the close the American Petroleum Institute reported that crude-oil inventories fell 5.57 million barrels to 335.7 million last week.
GOLD
Gold imports by India, the world’s biggest bullion consumer, may drop 15 percent in the fourth quarter as the rupee’s fall to a record drives up domestic prices, according to Rajesh Exports Ltd. Overseas purchases may total 170 metric tons in the three months ending Dec. 31, compared with 200 tons in the preceding quarter, Chairman Rajesh Mehta said in a phone interview from Bangalore today. The World Gold Council last week forecast fourth-quarter imports at more than 281 tons. A drop in Indian demand may help cool a 19 percent increase in bullion prices this year. Gold is rallying for an 11th year as investors seek to protect their wealth from volatility in stock markets, depreciating currencies and the threat of inflation.“The weakening of the rupee makes domestic gold costlier,” said Mehta, whose Rajesh Exports is the nation’s biggest exporter of gold jewelry. “That may have some impact on the domestic demand and domestic consumers as such. Imports must come down because of rupee depreciation.” Bullion for immediate delivery climbed 0.9 percent to $1,691.93 an ounce at 3:17 p.m. in Mumbai.
Oil rose for the first time in four days as new sanctions against Iran and protests in Egypt raised concern that supplies will be disrupted. Crude advanced 1.1 percent after the U.S., the U.K. and Canada expanded measures aimed at thwarting Iran’s nuclear program. In Egypt, protesters gathered in Tahrir Square for a fifth day after deadly clashes between security forces and demonstrators spurred the Cabinet to offer to quit. “There are new sanctions on Iran and rioters back on the streets of Cairo reminding us of the geopolitical risks that impact this market,” said Michael Wittner, the head of oil- market research at Societe Generale SA in New York. “The geopolitical risks never went away, but had moved to the background and are now back in the forefront.” Crude for January delivery gained $1.09 to settle at $98.01 a barrel on the New York Mercantile Exchange. Trading ranged from $96.55 to $98.70. After the close the American Petroleum Institute reported that crude-oil inventories fell 5.57 million barrels to 335.7 million last week.
GOLD
Gold imports by India, the world’s biggest bullion consumer, may drop 15 percent in the fourth quarter as the rupee’s fall to a record drives up domestic prices, according to Rajesh Exports Ltd. Overseas purchases may total 170 metric tons in the three months ending Dec. 31, compared with 200 tons in the preceding quarter, Chairman Rajesh Mehta said in a phone interview from Bangalore today. The World Gold Council last week forecast fourth-quarter imports at more than 281 tons. A drop in Indian demand may help cool a 19 percent increase in bullion prices this year. Gold is rallying for an 11th year as investors seek to protect their wealth from volatility in stock markets, depreciating currencies and the threat of inflation.“The weakening of the rupee makes domestic gold costlier,” said Mehta, whose Rajesh Exports is the nation’s biggest exporter of gold jewelry. “That may have some impact on the domestic demand and domestic consumers as such. Imports must come down because of rupee depreciation.” Bullion for immediate delivery climbed 0.9 percent to $1,691.93 an ounce at 3:17 p.m. in Mumbai.